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.