The Orange County real estate market

October 3, 2010 by
Filed under: California 
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The Orange County real estate market, which was for a time showing strong signs of recovery from the recession, has started to slip into negative territory again, with home sales trailing off and the median price remaining largely unchanged. According to a September 14, 2010 report from the OC Metro, “Orange County home sales in August fell to the lowest level for the month since 2007, due in part to the struggling job market and the recent expiration of the federal tax credits. But the median price for a residence did get a slight boost over the same time last year, according to San Diego-based MDA DataQuick. A total of 2,538 homes were sold last month, down 9 percent from August 2009, when 2,790 transactions were closed. But, the number rose slightly from July, when 2,527 properties were sold. For the entire six-county Southern California region, which includes Orange, L.A., Riverside, San Diego, San Bernardino and Ventura, August sales fell to 18,541 – it’s also the lowest level for the month since 2007, according to MDA DataQuick. Last month’s total represents a 13.8 percent drop from August 2009, when 21,502 homes were purchased. The number also dipped from 18,946 in July. “The loss of homebuyer tax credits explains much of the sales weakness over the past two months,” said John Walsh, president of MDA DataQuick…”

Although a separate report indicated a slight rise in the median price of an Orange County home for sale, the OC Metro reported on September 22, 2010 that the median price remained unchanged in August. According to the article, “The median price for a home in Orange County was unchanged in August, though sales slid from the same time last year, according to a new report from the California Association of Realtors, which relies on MLS information for its data. The region’s median home price was $499,580, down 2.8 percent from July and 33.1 percent off its peak, which was recorded in April 2007. But, the number has risen 18.1 percent after hitting the bottom in January of last year. Statewide, the median home price posted its 10th consecutive year-over-year gain, according to C.A.R. The number rose to $318,660, up 8.6 percent from August 2009. The number also increased 1.2 percent from July. Meanwhile, home sales in Orange County declined 11.2 percent from August 2009 and 7.3 percent from July.  Statewide, sales fell 14.9 percent last month, compared to the same time in 2009, though they increased 1.8 percent from July.”

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