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% |