Orange County Home Prices Hit Sixth Record High in Seven Months

Orange County, Calif., home buying rebounded last month to levels above 2019, a buying surge that pushed the median sales price to its sixth record high of 2020.

DQNews reports Orange County closed sales stats for July show that 3,450 homes sold, existing and new, up 6.7% in a year, and year-to-date, 16,917 purchases were completed, down 9.4% vs. 2019.

The countywide median selling price was $775,000, up 6.3% over 12 months. The latest median breaks the record $765,000 set in June 2020. May is the only month this year a price record wasn’t set.

July marked a rebound from what was Southern California’s slowest-selling second quarter in the DQNews database dating to 1988. Business limitations designed to slow the coronavirus spread eased in late spring, but few homeowners were in the mood to sell.

House hunters, motivated by historically low mortgage rates, nevertheless competed aggressively for the modest number of listed homes. Southern California’s median price was a record high, too.

Here’s a look into key slices of Orange County data:

— Existing single-family houses: 2,312 sold, up 7.8% in a year. Median of $862,000 — a 7.7% rise over 12 months.

— Existing condos: 918 sales, up 5.9% over 12 months. Median of $545,000 — an 8.5% rise in a year.

— Newly built: Builders sold 220 new homes, down 0.5% in a year. Median of $972,500 — a 9% rise over 12 months.

— Builder share: 6.4% of sales vs. 6.8% a year earlier. Orange County builders’ slice of the market ranks No. 4 among Southern California’s six counties.

Posted on nationalmortgagenews.com on 8/28/2020.