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High-end O.C. housing can’t keep the pace in July

High-end O.C. housing can’t keep the pace in July

Orange County housing’s upper crust cooled off a bit in July.

It was the busiest July in a decade, with 3,692 Orange County residences sold in the period, up 15.5 percent from a year ago. Sales rose in 58 of 83 Orange County ZIPs compared to the year-ago period.

Digging into CoreLogic’s July report on homebuying trends, my trusty spreadsheet tells me the high-priced local niches did not keep pace:

• In the nine Orange County ZIP codes with median selling prices above $ 1 million, sales totaled 226 homes in July, down 4.2 percent compared to a year ago.

• In the 27 priciest ZIPs — median sales price beginning at $ 710,000 — sales in July were up 12.3 percent compared to a year ago.

• Builders sold 228 new homes in July, down 34.1 percent from a year ago. New homes are often among the market’s pricest options. Median price for these residences was $ 811,250 — up 2.6 percent from a year ago.

• Conversely, resales of single family homes (median selling price $ 680,000) totaled 2,374 — up 22.6 percent from a year ago. Resales of condos (median selling price $ 423,000) totaled 1,090 — up 19.3 percent from a year ago.

Overall, the Orange County’s median selling price for all residences in July was $ 615,000 — up 5.3 percent compared to a year ago. Prices were up in 57 of 83 Orange County ZIP codes compared to the previous year.

The sluggish growth does raise questions if even the high-end of the market has too become too pricey.

The Orange County Register – News Headlines : Real Estate News