New O.C. Home Sales Increase in 3rd Quarter

Sales of new homes in Orange County were up 19.5% in the third quarter compared with the previous three-month period, while the median price of single-family homes dropped, according to a report released Monday by the Meyers Group, a real estate consulting firm.

New home sales increased to 2,970 in the three months ended Sept. 20, in contrast to 2,486 at the end of the spring quarter.

“This is the third straight quarter of overall sales increases since the seasonal slowdown during the last quarter of 1988,” Steve Johnson, vice president of Meyers’ Corona office, said in a prepared statement.

Sales were 2,096 for the quarter that ended in March and 2,021 for the quarter ended in December.

“The total number of all types sold has increased by nearly 1,000 homes in less than a year, which demonstrates the continued demand of the market,” Johnson said.

Also between the spring quarter ended in June and the summer quarter ended in September, the median price for single-family detached homes dropped 5.4% to $350,000 from $369,000.

“That’s still the highest figure in Southern California, but it’s still significant in that it bucks the trend of continually rising prices,” Johnson explained. “The increase in sales can be partially attributed to the many new projects recently opening.”

The lowest home prices found by Meyers in the single-family category was $159,900 and the top of the scale was $1.15 million. “That’s the biggest spread we have seen yet,” Johnson said.

While single-family homes became somewhat more affordable, the price of attached housing scaled upward. Condominiums and town homes sold at a median price of $173,000, up 3% from $167,900 in the spring. The median price for attached units had declined 13% in the previous three months.