Orange County homebuying starts June at record-high pricing

Grant Gerhart Latest News Leave a Comment

Orange County homebuying started June at record-high prices.

For the 22 business days ending June 7, Orange County’s median selling price for all residences was $660,000 — up 7.6 percent compared to a year ago, CoreLogic reported. Prices were up in 63 of 83 Orange County ZIP codes compared to the previous year.

If that median held for the entire month, June would mark the second consecutive high for Orange County’s selling prices. For May, CoreLogic reported the median hit $651,000, breaking the old record of $645,000 set in June 2007 and this April.

Perhaps high prices are scaring house hunters. Sales in the 22 business days ending June 7 were essentially flat with 3,832 Orange County residences sold, up only 0.7 percent from a year ago. Sales rose in just 40 of Orange County ZIPs compared to the year-ago period.

As for key slices of the Orange County market:

• Single-family home sales totaled 2,380 — up 1.3 percent from a year ago. Median selling price was $715,000 — up 7.5 percent from a year ago.

• Resales of condos were 1,010 — down 9.7 percent from a year ago. Median selling price was $440,000 — up 2.7 percent from a year ago.

• Developers had the hot hand with 442 new home sales — up 30.8 percent from a year ago. Median selling price was $819,750 — down 1.4 percent from a year ago.

• In the 27 least expensive ZIPs — median sales price at $563,000 and below — sales were up 1.9 percent compared to a year ago.

• In the 27 priciest ZIPs — median sales price beginning at $725,000 — sales were down 0.5 percent compared to a year ago.

• In the nine Orange County ZIP codes with median selling prices above $1 million, sales totaled 262 homes, up 10.08 percent compared to a year ago. The most expensive ZIP code was Newport Beach 92661 with a median selling price of $2.85 million.

 

 

 

Original Link

About the Author
author photo

Grant Gerhart

ABR, CRS, e-PRO, GREEN, RSPS, SFR, SRS