O.C Home Prices Up 9% for 2011

Orange County home pricing took an unexpected turn up in June, as homebuyers paid a median selling price of $445,000 — highest for the year (and since September) and back to the year-ago level.

By DataQuick’s math, home selling prices have risen 9% in 2011.

Those June shoppers were a small flock, though: 2,947 deals for Orange County residences completed — down 14% in a year and the slowest June in 3 years.

A year ago, shoppers rushed to complete deals to meet deadlines for homebuying tax breaks — a factor that may have skewed this spring home sales statistics.

However, it’s worth noting that Orange County builders sold 323 newly constructed residences in June — up 2.3% in a year and the best-selling month since December 2007.

Other highlights …

  • $445,000 median selling price for June compares to $425,000 the previous month.
  • June’s price is 31% below June 2007′s peak of $645,000.
  • Current price is 1.1% below 2010′s peak (May and July) of $450,000.
  • The most recent median is 20% above the cyclical low hit in January 2009 at $370,000 — so the median has recouped 27% of the $275,000 price drop from the peak.
  • Compared to cyclical low, single-family house median is 21% higher ($418,250 in January 2009); condo median is 6% higher ($252,000 in March 2009.) Builder prices for new homes are 39% above June 2009′s $424,000 bottom.
  • The median selling price of a single-family home is 31% less than their peak pricing (June ’07). Condos sell 43% below their peak in March 2006. Builder prices for new homes are 32% below their February ’05 top.
  • Single-family homes were 89% more expensive than condos in this period vs. 73% a year ago. From 1988-2010, the average house/condo gap was 57%.
  • Builder’s new homes sales were 11% of all residences sold in the period vs. 9% a year ago. That’s builders’ biggest share of Orange County home purchases since March 2008. Note: From 1988-2010, builders did 14% of the Orange County homeselling.

Here’s the breakdown of recent activity by key category; included is how the latest results compare to the average monthly sales pace from 1988 through 2010:

Slice Price Price vs. year ago Sales Sales vs. year ago Sales vs. ’88-’10 avg.
Houses $505,000 -2.9% 1,791 -16.2% -20.7%
Condos $267,250 -10.9% 833 -14.3% -3.3%
New $591,000 +1.5% 323 +2.3% -38.6%
All O.C. $445,000 +0.0% 2,947 -13.9% -19.2%


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