That's the gist of the latest DataQuick report that appears in the OC Register. For the 22 business days ending July 15, South OC sales were up ever-so-slightly year-over-year. But they were up nonetheless.
Median prices, however, told a far different story: The weighted average of South OC medians was about 26% below what it was at the same time last year.
Check out the ZIPs that have the largest gains in terms of sales volume. They also tend to be the ones with significant price drops, or areas that are lower-priced.
Tuesday, August 05, 2008
Sales up, prices down
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5 comments:
We just hit bottom in South orange county. Now this does not mean everything is now great, far from it. Homes will still forclose and the median price will still drop but the sales number freefall is slowing down. Remember, it could not really get much worse. The county will build the same number of new homes as in 1949. From a sales and development point of view the bottom did fall out a total bust. You will see new development start up again in South County, pricing starting around $600K-$650K thats the $625K agency limit plus 3 percent. Give it about 24 months, I work in the business its comming.
I wish the realtards would get their heads out of their butts and realize the incomes can't support a 600k median.
Yay Lake Forest! keep dropping, baby!
Alt-A implosion only just beginning, it'll dwarf subprime.
Laughing at the "bottom signal".
Until Alt-A and prime loans adjust, there will be no bottom.
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