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TrabucoDom
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Registered: ‎01-05-2008

OC Home Prices Rise $14,000 in June

The ocbj website says that OC home prices rose in June by 14k to a median of $488k for single family homes. They attribute it to less inventory at the low end of the market causing multiple bids. They did not mention any increase in volume for upper tier homes, which would also increase the median.
 
 
 
 
 Posted date: 7/27/2009
Home Prices Rise $14,000 in June

By MARK MUELLER
Orange County Business Journal Staff

The price of an existing Orange County home jumped by $14,000 in June from a month earlier, the California Association of Realtors said on Monday.

The median price for an existing stand-alone OC home sold in June was $488,320, a 3% increase from May, but still a 15% decrease from a year earlier. 

OC’s median price has increased by more than $50,000 since April. That's due in large part to a shrinking amount of homes at the lower end of the market, which is resulting in multiple bids for those distressed properties, according to the Realtor association.

The association excludes condominiums from its figures.

Including condos, the median price of an OC home was $470,000 in June, an 11% decrease from a year ago, according to La Jolla-based DataQuick Information Systems Inc., a unit of Canada’s MacDonald Dettwiler and Associates Ltd. 

 
June’s pricing trends in OC mirror that of the state as a whole. The median price of an existing home in California was $274,740 in June, a 4% increase from May. 

Statewide prices are still 26% below the median prices seen a year ago.

Sales in OC were up 8.5% in June from May, and up 18% from a year earlier, according to the Realtor association.

Statewide sales in June increased 20% from a year earlier, but were off 6% from May.
Gold Contributor
TrabucoDom
Posts: 1,584
Registered: ‎01-05-2008

Re: OC Home Prices Rise $14,000 in June

And OC Metro reports that prices are down in June...these are year-over-year prices so the stat makes more sense than the ocbj stat which reflected June 2009 prices v. May 2009, where it can be attributed to seasonal increases in home buying that pushes up prices too:

 

 Orange County home prices fall 15 percent in June

But sales are up 18 percent compared to the same time last year.

 

 http://www.ocmetro.com/t-Orange_County_home_prices_fall_15_percent_in_June_7_27_09.aspx

 

 

 By Kristen Schott

Published: July 27, 2009 01:43 PM

 

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Orange County's median home price slid to $488,320 in June, down 14.6 percent compared to the same time last year, according to a recent report from the California Association of Realtors.

 

But it's not all bad news: The number is up 3 percent over May, and sales increased 18 percent compared to June 2008. Purchases also jumped 8.5 compared to May.

 

C.A.R., which measures closed escrow sales of existing, single-family detached homes statewide, attributes the increase in home sales to lower costs, among other factors.

 

“Many first-time buyers, especially those who were previously priced out of certain areas, are realizing that tax credits from both the state and federal governments, increased affordability, and low interest rates are creating a prime time to purchase a home,” says C.A.R. President James Liptak.

 

Signs of that are evident throughout Orange County – for example, the new town-home development from the Irvine Co., Ivy by William Lyon Homes, sold out in the first 15 minutes when it debuted this month.

 

 Statewide, home prices fell 26.4 percent compared to a year ago, bringing the number to $274,740. But, it is up 4.2 percent from May. Sales also increased 20 percent compared to June 2008, though they did decrease 6 percent from May.

 

In a separate report covering more localized statistics from C.A.R. and DataQuick Information Systems – which measures new and existing condos and single-family home sales – Orange County's median home price was listed as $415,500, an 11.6 percent drop from the same time last year.

 

Though the region did report an overall decline in home prices, some cities actually saw an increase. Here's a breakdown:

 

Laguna Hills: 20.6 percent

Placentia: 2.9 percent

Lake Forest: 2.4 percent

Dana Point: 1.4 percent

Seal Beach: 0.3 percent

 

Despite a 22 percent decline in prices, Laguna Beach was listed among the 10 cities with the highest medians statewide in June. The average cost of a home in Laguna is $1.2 million. Beverly Hills came in at No. 1, with a median of $1.7 million.