The median price for homes in Orange County reached $445,000 during the month of June – the highest price tag homeowners and buyers have seen during 2011, according to DataQuick. A report released this morning shows sales are up 11.6 percent from May. Yet, sales continue to slump in comparison to last year. During June of 2011 2,947 homes were sold - nearly a 14 percent decrease from 2010.
“The housing market remains dysfunctional and lopsided, just somewhat less so than it was a few months or a year ago,” said John Walsh, DataQuick president. “The market mix indicates that a lot of potential buyers either are stuck, for lack of equity, or spooked.”
However, the statistics from last year may be skewed due to the home buying tax cut that prompted shoppers to close deals during the spring. Buying has been subdued by the plummeting home values in recent years that have left many homeowners “upside down,” owing more than their homes are worth, according to DataQuick.
“Another large, lingering problem is the fussy mortgage market. Qualifying for a mortgage remains difficult for many, and the use of adjustable-rate and “jumbo” home purchase loans remains far below the historical norm,” said Walsh.
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