Housing market ‘downshifts’ in August: Median price for Orange County home is $610,000
Housing market ‘downshifts’ in August: Median price for Orange County home is 0,000
The Orange County housing market coasted into a late-summer slowdown in August, although it remained at the strongest level seen since climbing from the depths of recession 3 1/2 years ago, several new housing reports show.
The median price of an Orange County home – or price at the midpoint of all sales – was $ 610,000 in August, Irvine-based real estate data firm CoreLogic reported Wednesday.
That’s the highest price for an August in eight years and falls just 5 percent below the all-time high reached at the peak of the housing bubble in June 2007.
But prices have retreated 3 percent over the past two months from June’s median of $ 629,500. And chances of reaching that pre-recession peak of $ 645,000 this year remain slim as the end-of-the-year slowdown takes place.
Sales, meanwhile, totaled 3,174 in August, up 3.4 percent year-over-year but down 14 percent from July.
Orange County’s housing numbers were similar to those for Southern California and for the state as a whole.
CoreLogic reported that the Southern California median home price was up 4.3 percent to $ 438,000 in August, while sales were up 8 percent to 21,352 transactions. Prices and sales rose year-over-year in all six counties included in CoreLogic’s Southern California report.
“Southern California home sales downshifted” in August, said CoreLogic Research Analyst Andrew LePage.
“This month-to-month sales decline could be a reflection of a tightening inventory of homes for sale or the impact rising prices have had on affordability,” LePage said. “But this is only one month, and it follows two months that had the highest home sales since August 2006.”
Statewide, prices for existing houses were up 2.5 percent, and sales were up 9.3 percent, according to a separate report out Tuesday by the California Association of Realtors.
National Association of Realtors figures showed that Orange County house prices this past spring were the third highest among the nation’s large metropolitan areas.
“We’re on track to post stronger than expected home sales for 2015, with the last quarter moderating but still solid,” state Realtors Chief Economist Leslie Appleton-Young said Tuesday.
Appleton-Young noted, however, that an expected increase in mortgage rates coupled with stock market volatility “could impact the current momentum in the market.”