Orange County homebuying rose and prices increased as Southern California’s median hit an all-time high in December.
Orange County home sales totaled 3,109 in December — up 37% in a year, CoreLogic/DQ News reported. Still, Orange County’s latest sales count is still 12% off the December average of 3,533 since 1988.
The countywide median selling price was $732,750 — up 3.2% over 12 months. The latest median is 1% off the county’s record high of $740,000 set in October 2018.
More buying and higher prices were seen throughout Southern California. In six counties, 19,337 homes sold — up 22.1% in a year. The region’s median selling price was $550,000 — up 7.2% over 12 months. That’s a record high!
Here are five things you should know about key market niches in the Orange County market in December …
1. Existing single-family houses: 1,768 sold, up 40.0% in a year. Median of $790,000 — a 5.5% rise over 12 months.
2. Existing condos: 820 sales, up 40.9% over 12 months. Median of $535,000 — a 4.2% rise in a year.
3. Newly built: Builders sold 521 new homes, up 22.3% in a year. Median of $870,000 — a 9.5% fall over 12 months.
4. Builder share: 16.8% of sales vs. 18.8% a year earlier. Orange County builders’ slice of the market ranks No. 2 among SoCal’s six counties.
5. Price rank: How Orange County’s median compared to Southern California’s five other counties: No. 1 overall; No. 1 for single-family resales; No. 2 for condo resales; and No. 1 for new homes.
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Elsewhere in Southern California …
Los Angeles County: 6,293 sold, up 18.4% over 12 months. Median of $628,250 — a 7.4% increase.
Riverside County: 3,473 sales, up 17.9%. Median? $401,250 — a 6.9% increase.
San Bernardino County: 2,411 sold, up 21.5%. Median? $355,000 — a 7.7% increase.
San Diego County: 3,282 sales, up 24.1%. Median? $575,000 — a 4.5% increase.
Ventura County: 769 sold, up 14.9%. Median? $569,000 — a 1% decline.
Rising prices and a fast selling pace can be tied to limited options for house hunters.
ReportsOnHousing tracks brokers’ listing services to gauge how many existing homes are for sale and what housing is under a sales contract. Here are conditions as of Jan. 9 in Orange County …
Listed for sale: 3,901 residences, down 34% in a year.
New escrows: 1,434 in the previous 30 days, up 23% in a year.
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