Orange County Home Sales Spike

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