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REAL ESTATE INDUSTRY NEWS
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Orange County's home sales, median price drop in March over 2010

However, DataQuick stats show gains from February of this year.

By Kristen SchottPublished: April 13, 2011 10:16 AM

Orange County's housing market posted year-over-year declines in March – a result of continued uncertainty over the economy and a lackluster employment picture. But, the area saw gains in sales and the median home price from February, according to new stats from DataQuick.

A total of 2,615 homes were purchased in the county last month, down 1.4 percent from the same time last year. The number rose 37.4 percent from February though, due to an expected seasonal uptick in the period.

For the entire Southern California region, which includes the Orange, L.A., Riverside, San Bernardino, San Diego and Ventura counties, home sales dropped 5.2 percent to 19,412 in March, compared to the same month in 2010. But numbers jumped 35.1 percent over February, according to DataQuick.

“As an indicator of upcoming trends, the month of March is actually pretty reliable," said John Walsh, president of DataQuick. "We got off to a slow start with sales this year and it doesn’t look like that will change anytime soon. Two of the likely game changers in the short run would be a surge in job creation or another round of price corrections."

Meanwhile, Orange County's median home price was $430,000 in March, down a slight 0.5 percent over the same time last year. The number rose 4.9 percent from February.

Regionally, the median was $280,500, down 1.6 percent from March 2010; compared to February 2011, the price increased 2 percent.

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