Home Sales in Orange County Surge Ahead
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New-home sales have soared in Orange County in the past three months, according to “Residential Trends,” a quarterly housing report published by Market Profiles, Costa Mesa.
The countywide increase is more than double that recorded in both the previous quarter and a year ago in the southern sector of the county; the northern sector figures are more than double the prior quarter’s level and represent a 38.1% increase over the level registered a year ago.
Fred Schlosser, marketing director for the housing publication, said the sales surge has resulted in a substantial decline in unsold inventory. At current absorption rates, this represents seven weeks of supply in the north and 5 1/2 weeks in the south.
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