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November Home Sales, Prices Highest In Three Years

November turned out to be a strong month for Orange County real estate as home sales and prices reached their highest level in three years, data from the Southern California Multiple Listing Service reported this week.

Home sales done through the MLS brought in a total of $1.1 billion last month alone, an increase of almost 30% compared to November last year. Sales around this time of year last reached the billions in 2006, when home sales generated $1.5 billion.

According to the MLS report, the median sales price for O.C. single-family homes in November was $518,000, nearly reaching its August 2009 peak of $524,000. The figure is 13.8% higher than a year ago.

Over 2,100 of the homes sold via the MLS closed escrow in November, approximately 13% more than the previous month. Of these, around 800 were classified as “distressed sales,” representing 37.8% of the total.

Repossessed homes or REOs accounted for a mere 17.1% of all home sales, the lowest it has been since January. Short sales totaled 405 and represented 19.2% of the total, reaching a six-month low.

The January-November revenue brings the yearly total to $12.5 billion, up 1% from the same period in 2008. Distressed sales are also at their lowest level and represent the lowest percentage of all home sales so far this year.

Besides generating more wealth for home sellers, the rise in home sales and prices also increases their ability to afford brokerages. Experts remain hopeful that the upward trend will continue until year-end and well into 2010.