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Orange County home sales in 10-month slump as inventory climbs by 23%

CoreLogic reported that overall sales for May totaled 3,313 homes, down 6% in a year.

Orange County house hunters balked in May, as sales fell for the 10th consecutive month despite a 23% surge in existing homes for sale.

CoreLogic reported that overall sales for May totaled 3,313 homes, down 6% in a year. The median selling price of $720,500 was down 2.6% in a year.

In a six-county Southern California region, 22,300 homes sold down 2.7% in a year. The median selling price of $530,000 was up 0.2% in a year.

As for Orange County’s supply, ReportsOnHousing says as of June 13 there were 7,493 existing residences listed for sale, up 23% in a year and up 14% vs. the 2014-18 average. One reason: It’s harder to sell. The report shows the selling pace is at 67 days vs. 55 days a year earlier.

In key slices of the market in May …

Sales of existing single-family homes: 2,107 — down 1.3% in a year. Median of $800,000 was up 0.6% in 12 months.

Existing condo sales: 944 — up 0.5% in a year. Median of $497,500 was down 1.5% in 12 months.

New homes: Builders sold 262 — down 42% in a year. Median of $944,000 was down 4.3% in 12 months.

ReportsOnHousing’s tracks new escrows, which gives us a hint of future closed sales. As of June 13, Orange County house hunters had 3,366 contracts in the works, down 1.1% in a year.

As for the four-county region’s supply, there were 36,511 listings — up 15% in a year and up 7% vs. the five-year pace. Regional selling speed? 67 days vs. 59 days a year earlier. And escrows? 16,362 — down 0.9% in a year.

By | 2019-06-28T17:21:45+00:00 June 28th, 2019|OC Insider|Comments Off on Orange County home sales in 10-month slump as inventory climbs by 23%

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