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Orange County home sales drag in October
A total of 2,298 homes were purchased last month, says MDA DataQuick.
By Kristen SchottPublished: November 17, 2010 08:24 AM
Orange County home sales continued to slump last month, posting declines over September of this year and October 2009. And the median price for a property didn't fare much better, according to San Diego-based MDA DataQuick.
A total of 2,298 homes were purchased in the county in October, down about 8.9 percent from September. The number also plummeted 17.9 percent over October 2009.
For the entire six-county Southern California region – which includes Orange, L.A., Riverside, San Bernardino, San Diego and Ventura – 16,744 properties were purchased in October, down 7.4 percent from September. The number also dropped 24.3 percent from the same month last year.
While a drop between September and October is "normal," sales were the lowest for the month since 2007, according to DataQuick.
“In addition to a lousy economy, the housing market still has a couple of nasty bottlenecks it has to contend with," said John Walsh, president of MDA DataQuick. "First, sales of newly built homes are at a low, mostly because builders can’t build at a low enough price to compete with the inventory of resale homes, many of which are short sales or foreclosures. Also, lenders still haven’t opened the mortgage money spigot for buying move-up and prestige properties."
Meanwhile, Orange County's median home price was $438,000 in October. The number dropped about 1.5 percent from September, though it's up a slight 0.3 percent from October 2009.
Regionally, the median price for a home totaled $283,000, down 4.2 percent from September. Though number rose 1.1 percent from October 2009, according to MDA DataQuick.
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A total of 2,298 homes were purchased in the county in October, down about 8.9 percent from September. The number also plummeted 17.9 percent over October 2009. For the entire six-county Southern California region – which includes Orange, L.A., Riverside, San Bernardino, San Diego and Ventura – 16,744 properties were purchased in October, down 7.4 percent from September. The number also dropped 24.3 percent from the same month last year. While a drop between September and October is "normal," sales were the lowest for the month since 2007, according to DataQuick. “In addition to a lousy economy, the housing market still has a couple of nasty bottlenecks it has to contend with," said John Walsh, president of MDA DataQuick. "First, sales of newly built homes are at a low, mostly because builders can’t build at a low enough price to compete with the inventory of resale homes, many of which are short sales or foreclosures. Also, lenders still haven’t opened the mortgage money spigot for buying move-up and prestige properties." Meanwhile, Orange County's median home price was $438,000 in October. The number dropped about 1.5 percent from September, though it's up a slight 0.3 percent from October 2009. Regionally, the median price for a home totaled $283,000, down 4.2 percent from September. Though number rose 1.1 percent from October 2009, according to MDA DataQuick. Related headlines Mini Cooper rolls into former Bauer Jaguar dealership Brea industrial property sells for $5 million Former Knott's production facility in Placentia sells |
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