Article Tab: image1-O.C. is No. 2 spot for housing turnaround

Orange County is No. 2 in the nation among the top 10 spots leading the housing recovery, according to

The rankings are in the site’s Turnaround Towns report on the second quarter and reflect the acceleration of an area’s recovery. Criteria included median list prices, housing supply and time that homes spent on the market. It did not include sales prices.

California dominated the list. The top places, in order, were: Oakland; Orange County; Santa Barbara/Santa Maria/Lompoc; San Jose; Seattle-Bellevue-Everett; Los Angeles-Long Beach; Detroit; Portland, Ore./Vancouver, Wash.; San Diego; and Reno, Nev.

Some highlights:

  • Oakland led in year-over-year list-price increases in the quarter; houses were listed on for 15 days, the nation’s quickest pace. The median list price for an Oakland home went from $339,000 a year ago to $479,000.
  • Orange County listing prices rose 29.4 percent above year-ago levels. The county also had the nation’s fastest-declining inventory, with listings down 36.6 percent on, the website of the National Association of Realtors. The median time listed was 51 days, below the national median of 83 days and 43.3 percent lower than the same time last year.
  • Los Angeles/Long Beach: Listing prices rose 30.3 percent; homes were listed for just 59 days.
  • Detroit’s housing market showed strong improvement despite the city’s bankruptcy. Median list prices were 37.8 percent higher year over year; homes spent just 45 days on the market.