Orange County home prices returned to a post-recession high last month, new housing figures show. But fewer were willing or able to buy at those elevated costs.
|Type||Nov. Price||1 yr ch||Nov. Sales||1 yr ch|
|All new homes||$714,500||17.9%||373||78.5%|
The median price of an Orange County home was $560,000 in November – tying a six-year high reached in August, DataQuick Information Systems reported Monday.
Last month’s median – or price at the midpoint of all sales – was up 24.4 percent from November 2012, the third highest appreciation rate since the housing crash.
Meanwhile, homesellers closed 2,632 transactions last month, down 8.6 percent from a year earlier. It was the second month of year-over-year sales declines.
Not all sales were down, however.
New home sales jumped 78.5 percent from year-ago levels last month to 373 transactions, making it the busiest month for new home sales since December 2007. The increase occurred despite a 17.9 percent increase in median prices to $714,500.
Sales of existing homes, meanwhile, declined 15.4 percent. Existing single-family home sales were down 13.6 percent to 1,841; existing condo sales decreased 19.4 percent to 668.
The median price of an existing house was $610,000, vs. a post-recession high of $625,000 in August. Condo median prices were $373,000, compared to June’s post-recession high of $384,000.
|County/region||Nov. price||1 yr ch||Nov. Sales||1 yr ch|
Similar trends occurred throughout the region.
Home prices also were buoyant throughout Southern California in November, with annual price gains ranging from 19.4 percent in San Bernardino County to Orange County’s 24.4 percent – the region’s biggest annual gain. The regionwide median home price was $385,000, up 19.9 percent.
Last month’s median ties June, July and August as SoCal’s highest price this year.
Home sales also declined in all six SoCal counties included in DataQuick’s regional report. The tally for all six counties was 17,283 homes, down 10.4 percent.
San Bernardino County had the smallest decline, with home sales decreasing 11.3 percent in November; Ventura County had the biggest drop with a 16.5 percent decline.