Contact | Login|Register

Call Us: 949.874.7020

• Home
• Open Houses
• Search Properties
• Buyers Resources
• Sellers Resources
• Financing
• About

O.C. Housing Off to Slow Start in September

After an encouraging mid-year run starting last May, the Orange County real estate market showed slightly less promise at the start of September, with median prices falling and sales activity slowing down compared to the past two years.

The latest median selling price for O.C. was $425,000, down by $2,750 from August. It was the first drop the market has seen in months, as market prices have been rising every month since the start of summer. Prices were also down 4.5% compared to last year.

Homes are selling for a good 37% below their June 2007 peak of $645,000. Resell prices for single-family homes are 32% lower, while condos are 38% cheaper than their March 2006 high. Builder prices last peaked in February 2005, dropping 46% this month.

Still, the numbers have significantly improved from the start of the year. Median prices are 15% higher than they were in January 2009, regarded by many as the worst month in housing. Prices have also been rising steadily for the past 14 months.

Home buying is also back on the rise, increasing the county's chances of a market recovery. About 2,945 homes were sold in O.C. last month, 8.4% more than were sold a year ago-although still below the 1997-2006 average of 4,304 homes per month.

DataQuick, a real estate information provider based in San Diego, drew up the report from data gathered over a 22-day period ending September 4th. The company performs monthly housing reports and keeps data on over 87 million properties nationwide.