From Jonathan Lansner of the Orange County Register, December 27th, 2016
Orange County homebuyers rushed to close deals last month, with the fastest-selling November in 11 years pushing the median home selling price to a record high of $660,000.
CoreLogic reports 2,978 existing and new homes sold in November, up 21.3 percent vs. a year ago; the biggest year-over-year jump since January 2013, and the busiest November since 2005. The median sales price of $660,000 was up 5.9 percent vs. a year ago.
Here are six things to know about November’s housing market:
1. Local developers remained hot. Builders sold 426 new homes – that’s up 52.1 percent vs. a year ago. Median selling price was $861,500 – off 0.5 percent vs. a year ago.
2. Those kind of prices must have helped resales of single-family homes, which totaled 1,766 – up 17.1 percent vs. a year ago. Median selling price was $701,750 – up 4.9 percent.
3. Bargain hunters’ favorite, condo resales, totaled 786 – up 17.8 percent. Median selling price was $450,000 – up 3.4 percent.
4. In the past 12 months, Orange County homebuyers acquired 37,889 homes – the largest buying binge since the 12 months ended February 2007.
5. The local median is up an eye-catching 78 percent from the mid-recession low of $370,000 in January 2009. But that percentage point gain is nowhere as swift as the 198 percent gain recorded in the same length of time ended in August 2005.
6. Orange County’s active homebuyers weren’t alone. CoreLogic reports that 19,530 residences sold in the six-county Southern California region. That’s up 24 percent vs. November 2015. The sales surge pushed the regional median selling price to $465,000, up 5.9 percent in a year.