Best OC Home Sales Growth in 20 Years

Latest home-selling stats from DataQuick show for the 22 business days ending Oct. 27, 2008:

  • O.C. home-buying is up 59.6% vs. one year ago.
  • Leading the way is a 99% boost in single-family houses being sold. If the pace holds for the full month, it’ll be the largest yearly sales pace gain in DataQuick records that date to 1988.
  • Key reason for jump: Single-family houses are selling  $254,000 below the peak of $734,000 hit in June 2007; that is a 35% price drop.
  • This will certainly be the 5th year-to-year sales gain after 33 months of slumping home-buying.

Why? Median selling price is down 26.8% vs. a year ago — and $225,000 lower, or 35%, vs. peak of $645,000 the market hit in June 2007.

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