O.C. Home Resales Fall Nearly 20% From Third Quarter of ’88
Orange County home sales dropped nearly 20% in the third quarter compared to last year, the California Assn. of Realtors reported Monday.
The median price of a resale house in the county was $249,000 during July, August and September. That was up nearly 15% from a year ago.
It’s those high prices that have finally hurt sales, the trade association said, forcing all but the most affluent buyers out of the county. Only about one in seven county households can afford the average resale home.
New houses, which are usually even more expensive, are not included in the Realtors’ survey. Nor are condominiums, which are usually less expensive than single-family houses.
Compared to the second quarter, prices started to slow considerably in the county. The median price for the third quarter--$249,000--was only up 1% from the second quarter.
Sales actually rose slightly--2%--during the third quarter compared to the average for April, May and June.
Orange County isn’t alone in experiencing slower sales than last year. Most of the state’s coastal areas had the same problem, particularly San Francisco, where home prices reached a median $269,500 during the quarter, and Ventura County, where prices hit $255,000.
Inland areas like San Bernardino and Riverside counties, with their lower prices, are still booming, the trade association said.
Statewide, home sales were down nearly 15% during the quarter compared to a year ago. Compared to the second quarter of 1989, sales fell 4%.
The median price statewide was $201,000, up nearly 15% from last year’s $175,500. That was the same increase as Orange County’s.
Compared to the second quarter of 1989, when the median price was $202,000, the third-quarter price slipped less than 1%.
THIRD QUARTER HOME RESALES
% Change % Change 3rd Qrtr. ’89 3rd Qrtr. Region ’89 vs. ’88 vs. 2nd Qrtr. Central Valley +10.9 +13.4 High Desert +5.6 +30.0 Los Angeles Cty. -27.2 -6.2 Low Desert +8.1 -9.4 Monterey -18.9 +4.0 Orange County -19.7 +1.8 Riverside/San Bernardino -6.8 +5.1 Sacramento +3.7 +4.4 San Diego -1.9 +10.0 San Francisco -20.4 -7.6 Santa Barbara -8.3 +6.4 Ventura -32.7 -11.1 Statewide -14.6 -4.2
Source: California Assn. of Realtors HOME PRICES AROUND THE STATE
MEDIAN SALE PRICES Region 3rd Quarter ’89 3rd Quarter ’88 Central Valley $99,162 $90,603 High Desert $95,312 $81,875 Los Angeles $224,599 $189,177 Low Desert $113,164 $102,222 Monterey $243,749 $190,256 N. California $88,391 $74,299 Orange County $249,056 $217,401 Riverside/San Bernardino $128,669 $109,608 Sacramento $116,481 $100,238 San Diego $178,379 $152,073 San Francisco $269,423 $218,876 Santa Barbara $236,071 $206,686 Ventura $255,221 $213,566 Statewide $200,933 $175,400
Region % Change 2nd Quarter ’89 % Change Central Valley +9.4 $95,861 +3.4 High Desert +16.4 $89,930 +6.0 Los Angeles +18.7 $217,951 +3.1 Low Desert +10.7 $115,256 -1.8 Monterey +28.1 $230,457 +5.8 N. California +19.0 $85,291 +3.6 Orange County +14.6 $246,298 +1.1 Riverside/San Bernardino +17.4 $122,176 +5.3 Sacramento +16.2 $107,207 +8.7 San Diego +17.3 $176,562 +1.0 San Francisco +23.1 $265,745 +1.4 Santa Barbara +14.2 $231,048 +2.2 Ventura +19.5 $247,180 +3.3 Statewide+14.6 $201,729 -0.4
Source: California Assn. of Realtors
