Best OC Home Sales Growth in 20 Years

Posted on November 15, 2008 by Jackie Gibbins

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

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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