Home Sales in County Drop 12% in October
Orange County home sales continued to drop in October, TRW Real Estate Information Services reported Friday.
During the month, 3,600 homes were sold in the county, down 12% from the 4,100 sold in September. Compared to October, 1988, last month’s sales looked even worse: down 27% from the 4,900 sales last year.
TRW counts all types of homes--new and used, houses and condominiums--in its monthly survey.
The price of a home fell slightly in October, dropping 0.4% from $261,100 in September to $260,200 in October.
However, home prices were 19% higher than the average $219,300 in October, 1988.
Experts blame high housing prices in most of the state’s larger urban areas for slowing sales this year. That has finally begun to slow price increases, which are expected to be lower this year than last.
For the year through October, the price of a home averaged $250,727, TRW said, up 21% from last year’s $208,000.
Sales through October totalled 38,400 homes, down 27% from last year’s figure of 52,400.
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