As part of The California Project series on the OC Register, writer Jeff Collins had an article on the O.C. housing market:
The Orange County housing market appears to be “sitting tight,” locked in the grip of economic uncertainty that’s taken hold in the waning months of summer, new housing figures show.
DataQuick figures released Tuesday show little movement – either up or down — in home sales or home prices. The median price of an Orange County home – or price at the midpoint of all sales – was $445,000, the housing market tracker reported. That’s virtually unchanged from medians reported for the county since May. And at 2,524 total transactions, September sales numbers were virtually unchanged since July.
“We’re bumping along at the bottom, and it’s going to stay that way until we have substantial job growth,” observed Irvine-based housing consultant Walter Hahn. ” … It’s not just individuals, but businesses, that are uncertain about the future. And they’re just sitting tight…”
•The median sales price for the month was up 3.7 percent from a year ago.
•The most recent median is 20 percent above the housing slump bottom of $370,000 hit in January 2009.
• Hence, the median has recouped 27 percent of the $275,000 price drop from the peak.
• At $516,000, the median price of an existing house was up 3.2 percent from a year ago; the median price of a new home was $655,000, up 34.5 percent. The existing condo price was $300,000 last month, unchanged from a year ago, but up 1.5 percent from August…
To read the article in full, please go to the OC Register.