Courtesy Orange County Register August 30, 2018
Builders sold 371 homes in the 22 business days ending Aug. 8, up 68.6 percent from a year ago, CoreLogic reported.
The jump is part of a year-long selling surge by developers who last year were caught with limited supply after a hot-selling 2014. Mid-month homebuying data can be volatile, but in 2016’s first half new homes sales were 22 percent above the 2015 pace.
Builders — with sales equal to 10 percent of the market — are having success with some proportionally lesser-priced homes. Orange County’s median selling price for new homes in the period ended Aug. 8 was $742,000, down 7.2 percent from a year ago.
Overall, the local homebuying market is relatively flat. Countywide, 3,601 Orange County residences — new and existing — sold in the 22-day period ended Aug. 8, up 1.7 percent from a year ago. Sales rose in 39 of 83 Orange County ZIPs compared to the year-ago period.
Orange County’s median selling price for all residences was $645,000 in the period, up 4.9 percent compared to a year ago. Prices were up in 54 of 83 Orange County ZIP codes compared to the previous year.
It’s part of a noteworthy summertime sales push at Orange County real estate’s upper end.
In the 27 priciest ZIPs — median sales price beginning at $715,000 — sales were up 8.9 percent compared to a year ago. That contrasts to sales in the 27 least expensive ZIPs — median sales price at $565,000 and below — that fell 3.1 percent compared to a year ago.
In the eight Orange County ZIP codes with median selling prices above $1 million, sales totaled 258 homes, up 14.7 percent compared to a year ago.
As for other slices of the Orange County market:
• Single-family home resales totaled 2,229 — down 2.7 percent from a year ago. Median selling price was $700,000 — up 2.9 percent from a year ago.
• Resales of condos were 1,001 — down 2.7 percent from a year ago. Median selling price was $460,000 — up 7.0 percent from a year ago.
Courtesy of Orange County Register