Orange County homebuying was cut in half in a year in May by coronavirus-related business limitations.
DQNews reports for May in Orange County, closed sales stats show …
• 1,635 homes sold, existing and new — down 50.6% in a year. In the previous 12 months, Orange County’s sales count was 32,496 homes sold — down 0.8% in a year.
• $750,000 countywide median selling price — up 4.2% over 12 months. The latest median is 0.7% off the county’s record high of $755,000 set in April ’20
Coronavirus throttled the economy, with “stay at home” orders making many businesses — including real estate — difficult to conduct. It was Southern California’s slowest-selling May in 32 years of DQNews stats as statewide unemployment hit 16.3%.
Here’s a look into key slices of Orange County data for May …
Existing single-family houses: 1,043 sold, down 50.3% in a year. Median of $796,000 — a 0.4% decline over 12 months.
Existing condos: 427 sales, down 54.9% over 12 months. Median of $520,000 — a 4.2% increase in a year.
Newly built: Builders sold 165 new homes, down 36.8% in a year. Median of $943,250 — a 0.1% decline over 12 months.
Builder share: 10.1% of sales vs. 7.9% a year earlier. Orange County builders’ slice of the market ranks No. 4 among SoCal’s six counties.
Price rank: How Orange County’s median compared with Southern California’s five other counties: No. 1 overall; No. 1 for single-family resales; No. 1 for condo resales; and No. 1 for new homes.
What’s next? As of June 13, Southern California house hunters put more homes into escrow for eight consecutive weeks, leaving the buying pace 2% below a year ago. Record-low mortgage rates may be fueling the rebound. Pending sales hint where future closings will go.
Around Southern California, according to DQNews’ latest report on closed sales …
Six-county region: 12,271 sold, down 45% over 12 months. Median of $540,000 — a 2.7% increase.
Los Angeles County: 3,597 sold, down 50% over 12 months. Median of $620,000 — a 1.6% increase.
Riverside County: 2,394 sales, down 43.7%. Median? $415,000 — a 6.5% increase.
San Bernardino County: 1,828 sold, down 33.9%. Median? $368,000 — a 6.7% increase.
San Diego County: 2,327 sold, down 40.7%. Median? $590,000 — a 3.5% increase.
Ventura County: 490 sold, down 49.4%. Median? $580,000 — a 1.7% decline.
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June 23, 2020 at 03:01AM
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Coronavirus fallout: Orange County homes sold drops 51% in May - OCRegister
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