North Orange County homes sales dropped 10% in ’18: 19 trends to know!

Los Angeles and San Fran had a 20% drop in home sales.  Orange County is doing “much” better—only a 10% drop in home sales.

“Last year saw the fewest Orange County homes sold since 2014 and the 8.6 percent drop in sales vs. 2017 was the largest year-over-year percentage decline since 2007. Key culprits in the slowdown include higher mortgage rates; economic uncertainty; not to mention that homeowners seeking a new residences couldn’t unload their old home.”

Jerry Brown was right—the California recession is here.  When will  the rest of Sacramento admit it?

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North Orange County homes sales dropped 10% in ’18: 19 trends to know!

Prices increased in 11 of the 13 ZIPs in Brea, Buena Park, Fullerton, La Habra, La Palma, Placentia and Yorba Linda as sales rose in just two.

By Jonathan Lansner,  Orange County Register, 2/18/19

Homebuying in Brea, Buena Park, Fullerton, La Habra, La Palma, Placentia and Yorba Linda fell 10 percent in a year with the steepest countywide drop in sales in 11 years.

Last year saw the fewest Orange County homes sold since 2014 and the 8.6 percent drop in sales vs. 2017 was the largest year-over-year percentage decline since 2007. Key culprits in the slowdown include higher mortgage rates; economic uncertainty; not to mention that homeowners seeking a new residences couldn’t unload their old home.

Here’s what my trusty spreadsheet told me when looking at house-hunting patterns at the neighborhood level in 2018 vs. 2017.

CoreLogic found these 19 trends in 13 ZIP codes covered by the Orange County Register’s North County News weekly …

  1. Purchases: Home sales totaled 4,695 vs. 5,202 a year earlier, a decline of 9.7 percent.
  2. Who’s up: Prices increased in 11 of the 13 ZIPs as sales rose in 2 ZIPs.
  3. Countywide: $725,000 median selling price, up 5.8 percent. Orange County sales totaled 35,020 residences, existing and new, vs. 38,310 a year earlier, a decline of 8.6 percent. Prices rose in 75 out of 83 Orange County ZIPs and sales were up in 16 out of 83 ZIPs.

Here is how prices and sales moved at the community level …

  1. Brea 92821: $697,000 median, up 4.8 percent. Price rank? 48th of 83 Orange County ZIPs. Sales of 397 vs. 464 a year earlier, a decline of 14.4 percent.
  2. Brea 92823: $807,500 median, up 6.0 percent. Ranks 27th priciest of 83 ZIPs. Sales of 102 vs. 143 a year earlier, a decline of 28.7 percent.
  3. Buena Park 90620: $575,000 median, up 2.2 percent. Ranks 66th priciest of 83 ZIPs. Sales of 365 vs. 447 a year earlier, a decline of 18.3 percent.
  4. Buena Park 90621: $570,500 median, up 6.6 percent. Ranks 67th priciest of 83 ZIPs. Sales of 280 vs. 298 a year earlier, a decline of 6 percent.
  5. Fullerton 92831: $615,000 median, down 0.8 percent. Ranks 61st priciest of 83 ZIPs. Sales of 293 vs. 277 a year earlier, up 5.8 percent.
  6. Fullerton 92832: $567,500 median, up 8.9 percent. Ranks 69th priciest of 83 ZIPs. Sales of 174 vs. 158 a year earlier, up 10.1 percent.
  7. Fullerton 92833: $600,000 median, up 6 percent. Ranks 63rd priciest of 83 ZIPs. Sales of 500 vs. 572 a year earlier, a decline of 12.6 percent.
  8. Fullerton 92835: $741,000 median, up 4.4 percent. Ranks 34th priciest of 83 ZIPs. Sales of 342 vs. 397 a year earlier, a decline of 13.9 percent.
  9. La Habra 90631: $540,000 median, up 5.7 percent. Ranks 73rd priciest of 83 ZIPs. Sales of 621 vs. 638 a year earlier, a decline of 2.7 percent.
  10. La Palma 90623: $712,500 median, up 5.6 percent. Ranks 43rd priciest of 83 ZIPs. Sales of 126 vs. 128 a year earlier, a decline of 1.6 percent.
  11. Placentia 92870: $655,000 median, up 4 percent. Ranks 54th priciest of 83 ZIPs. Sales of 507 vs. 528 a year earlier, a decline of 4.0 percent.
  12. Yorba Linda 92886: $815,000 median, up 2.5 percent. Ranks 26th priciest of 83 ZIPs. Sales of 689 vs. 838 a year earlier, a decline of 17.8 percent.
  13. Yorba Linda 92887: $830,000 median, down 2.1 percent. Ranks 24th priciest of 83 ZIPs. Sales of 299 vs. 314 a year earlier, a decline of 4.8 percent.

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Plus, three more countywide trends found in 2018 vs. 2017 …

  1. Single-family-home resales: 20,934 Orange County sales vs. 23,022 a year earlier, a decline of 9.1 percent in the period. Median: $775,000 — a rise of 4 percent in the period.
  2. Condo resales: 9,232 sales vs. 10,265 a year earlier, a decline of 10.1 percent in 12 months. Median: $505,000 — a rise of 6.3 percent in a year.
  3. New homes: Builders sold 4,854 residences vs. 5,023 a year earlier, a decline of 3.4 percent in 12 months. Median: $942,000 — a rise of 11 percent in a year.

 

About Stephen Frank

Stephen Frank is the publisher and editor of California Political News and Views. He speaks all over California and appears as a guest on several radio shows each week. He has also served as a guest host on radio talk shows. He is a fulltime political consultant.