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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: CalculatedRisk	1/17/2005 4:46:32 PM
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O.C. housing prices set record Soaring values for new homes offset falling prices for previously owned houses and condos. *NOTE: Typcial new home sold for $770K* WOW!** The Orange County Register Orange County's median home price last month hit a record high $551,000. The previous countywide high for sale prices of new and previously owned condos and detached homes was $543,000, first reached last May and equaled in August, according to statistics released today by housing-market tracker DataQuick. "December is typically a record for prices," said John Karevoll, DataQuick's analyst. "It's not a big deal." For the ninth month in a row, sales were lower than for the same month a year earlier. Sales of all categories of homes totalled 4,214 in December, a 10 percent drop from last year. The rising median price masks underlying weakness in prices. The median resale price of a traditional single-family home was $567,750 in December, down 5.4 percent from May's peak. The countywide median condo price was $390,000 in December are off 3.7 percent from the May peak. Soaring new-homes price offset those drops. The typical new home sold in December cost $770,000 – up 29 percent since May. ocregister.com

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