O.C. Home Prices Up Slightly but Sales Are Down Sharply
The average price of a home sold in Orange County last month jumped a scant 1.4% to $253,568 from December’s average of $249,999, but home sales dropped nearly 26% from the prior month, according to TRW Real Estate Information Services.
While much of the decline in sales volume was seasonal, the county’s steep housing prices are also blamed for cooling potential home buyers’ ardor in recent months.
The 3,231 homes sold in the county last month represented a 1.9% drop from the 3,292 sales in January, 1989, while the average sales price was up 6.5% from $238,070 a year earlier.
The TRW data includes all types of new and resale single-family homes, including condominiums and other types of attached single-family housing.
The slowdown hit the new home market especially hard, with the 371 new units sold in January, down 31% from the 539 sold in January, 1989. At the same time, new home prices for the month hit an average of $276,774, an increase of 20.3% from a year earlier.
By comparison, resales were up as prices in that sector increased only slightly.
The average resale price was up 3.1% to $248,609 from the year-earlier $241,055, while sales rose 6.2%, to 2,860 units from 2,692 in January, 1989, TRW reported.
ORANGE COUNTY HOUSING MARKET
The average price for new and resale homes in the county continued to drift upward last month while sales fell 25% to a level only slightly below last January’s.
PRICES SALES Change Change Change From Change From From Same From Same Average Previous Month Number Previous Month Month Price Month Last Year Sold Month Last Year January, 1989 $238,070 +1.1% +26.4% 3,292 -27.7% -4.4% February 241,763 +1.6 +22.7 3,151 -4.3 -19.6 March 242,232 +0.2 +25.5 4,594 +45.8 -21.2 April 254,356 +5.0 +27.8 3,594 -19.6 -38.0 May 255,989 +0.6 +25.8 3,910 +5.9 -30.9 June 248,638 -2.9 +18.7 4,173 +6.7 -34.5 July 252,987 +1.8 +18.1 3,461 -17.1 -36.9 August 251,959 -0.4 +12.4 4,431 +28.0 -19.8 September 261,097 +3.6 +12.8 4,095 -7.6 -23.1 October 260,180 -0.4 +18.6 3,593 -12.3 -27.3 November 246,442 -5.3 +8.8 4,080 +13.6 -7.8 December 249,999 +1.4 +6.1 4,355 +6.7 -4.4 January, 1990 253,568 +1.4 +6.5 3,231 -25.8 -1.9
Source: TRW Real Estate Information Services
