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O.C. Home Prices Drop 3.8%

 DataQuick’s Orange County home buying report showed that as of October, 2011, the median selling price for all residences was down 3.8% compared to a year ago. The total number of residences sold was at 2,505 and that is down 2% from the previous year.

    The current median price of a home in Orange County is 34% below June 2007’s peak of $645,000. The good news is that the latest median price is still 15% above January 2009’s low price of $370,000.

    Thinking of buying a new home? Builder prices for new homes are up 43% from their low price of $424,000 in June, 2009.  Of course, prices are still 30% lower than peak prices in March, 2006. Builder’s new home sales only represented 6% of all residences sold in the past 12 months. From 1988-2010, builder’s sales represented 14% of Orange County’s home sales.

    One thing you’ll find very surprising about this survey is that 12 of 83 Orange County Zip Codes had both rising sales and  rising prices during this period. Prices in the 92625 area (Corona Del Mar), are up 26.8% and their total number of sales are up 10.5%. The 92649 zip code (Huntington Beach) did very well with prices going up 22.4% and total sales up 35%!

    Home prices in some areas were hit hard, such as Foothill Ranch, where you’ll see prices are down 49.6%. Other notables were 92662 (Newport Beach), down 40.6% and 92780 (Tustin) down 33.5%.

    Today’s real estate market is very unstable and no one can honestly predict when things will get better. One thing that almost everyone will agree on is that the real estate market will never improve until we put Americans back to work and reduce our unemployment rates.