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Orange County Home Sales Spike

In October, Orange County saw home sales increase by 40.5 percent over the year before.

The number of homes sold in Orange County jumped by 40.5 percent in October, compared to the same month a year ago, while prices rose by 12.3 percent, a real estate information service announced today.

A total of 3,148 homes were sold in October compared to October 2011, when 2,241 sold. The median home price was $455,000 last month compared to $405,000 in October 2011, according to DataQuick.

A total of 21,075 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in October, according to DataQuick. That was up 18 percent from 17,859 in September, and up 25.2 percent from 16,829 in October 2011.

The median price for a Southern California home was $315,000 in October, the same as in September but up 16.7 percent from $270,000 in October 2011.

``Watching the market rebalance itself is fascinating,'' DataQuick President John Walsh said. ``In some categories and in some neighborhoods, demand outstrips supply, pushing up prices. In other areas, the market is still largely dormant. Low interest rates are a huge factor, where mortgages are available, which they aren't for a lot of potential buyers.''

- City News Service

michael November 14, 2012 at 01:49 AM
gee....dow jones in Jan 2009 just before Obama took office was 8321. now it's 12,108...more homes being bought for a higher price than last year...yup...the economy must be failing alright
Michael Parker December 23, 2012 at 08:21 AM
For more on the Corona del Mar real estate market, visit www.cdmteam.com

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