Orange County existing home sales up 6.9 percent

The median price of an existing single family home hit $549,460 in California last month, up 7.4 percent from July 2016, the latest figures from the California Association of Realtors show.

Home sales were up a smidge from last July – 0.9 percent.

Orange County’s median price was at $785,000, up 6.9 percent over July 2016, but less than the record high price of $795,000 earlier this summer.

The association’s report covers existing, single-family, detached homes only, or nearly two-thirds of the Orange County market.

Los Angeles County’s median price reached $566,240, up 10.2 percent since last July; Riverside County was at $385,500, up 7.1 percent. San Bernardino’s median hit $266,250, climbing 8.3 percent.

The statewide median price remained above $500,000 for the fifth month in a row.

“As we enter the second half of the year, we are likely to see some slowdown in sales that extends beyond the typical seasonality change,” C.A.R. President Geoff McIntosh said in a statement.

“While the rate of closed sales indicates that California’s housing market has continued to move forward, tight supply continued to push up prices and lower affordability, which can ultimately undermine the housing market by putting homeownership out of reach for too many households,” McIntosh said.

Leslie Appleton-Young, the association’s chief economist, said California’s July median price rose at the second fastest pace in 2017.

But, she said, “With supply expected to be tight for the rest of the year, home prices should grow moderately in the next few months.”

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