Orange County homebuying was halved in a year in May by coronavirus-related business restrictions.
DQNews reports for May in Orange County, closed sales stats show …
• 1,635 houses sold, existing and brand-new– down 50.6% in a year. In the previous 12 months, Orange County’s sales count was 32,496 houses sold– down 0.8% in a year.
• $750,000 countywide typical asking price– up 4.2% over 12 months. The most recent typical is 0.7% off the county’s record high of $755,000 set in April ’20
Coronavirus throttled the economy, with “remain at house” orders making many organizations– consisting of real estate– hard to conduct. It was Southern California’s slowest-selling May in 32 years of DQNews stats as statewide joblessness struck 16.3%.
Here’s a check out essential pieces of Orange County data for May …
Existing single-family houses: 1,043 sold, down 50.3% in a year. Typical of $796,000– a 0.4% decline over 12 months.
Existing apartments: 427 sales, down 54.9% over 12 months. Typical of $520,000– a 4.2% boost in a year.
Newly constructed: Home builders sold 165 brand-new houses, down 36.8% in a year. Typical 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 marketplace ranks No. 4 amongst SoCal’s 6 counties.
Price rank: How Orange County’s typical compared to Southern California’s five other counties: No. 1 overall; No. 1 for single-family resales; No. 1 for condo resales; and No. 1 for brand-new houses.
What’s next? Since June 13, Southern California home hunters put more houses into escrow for eight consecutive weeks, leaving the buying rate 2% below a year back. Record-low home loan rates may be sustaining the rebound. Pending sales tip where future closings will go.