DataQuick’s July homebuying report shows that O.C.’s 33-month home sales slump is over. O.C. homebuying last month, by DataQuick’s math, totaled 2,799 houses, condos and new residences, that’s up 17% vs. a year ago. The last time O.C. home sales exceeded the year-ago pace for a full month was September 2005. Please note:
• History shows us that last month’s buying was 40% below the average for a July since 1988.
• Last month’s homebuying was 27% lower than an average month since 1988.
• July sales were up 45% vs. June. Since 1988, July-to-July sales have fallen 18 out of 20 times, for an average 9% drop.
• Year-to-date, O.C. homebuying is 50% below vs. the 20-year average activity.
• In July, 49 of 83 O.C. ZIPs had year-over-year sales gains. More ZIP data is HERE!
As for July pricing, the median selling prices was $461,000 — down 28% in a year. That kind of discounting surely helped break the sales slump.
Here’s a look a how O.C. homebuying stacks up by month over history and how 2008 shapes up vs. the past …
| Month’s sales | ‘88-’07 avg. | 2007 | 2008 | ‘08 vs. avg. |
|---|---|---|---|---|
| January | 2,737 | 2,400 | 1,286 | -53.0% |
| February | 2,838 | 2,449 | 1,471 | -48.2% |
| March | 4,078 | 3,130 | 1,663 | -59.2% |
| April | 4,017 | 2,682 | 2,166 | -46.1% |
| May | 4,198 | 2,675 | 2,266 | -46.0% |
| June | 4,531 | 2,641 | 1,930 | -57.4% |
| July | 4,137 | 2,391 | 2,799 | -39.6% |
| August | 4,362 | 2,285 | – | – |
| September | 3,894 | 1,643 | – | – |
| October | 3,724 | 1,700 | – | – |
| November | 3,430 | 1,567 | – | – |
| December | 3,920 | 1,731 | – | – |
| Average | 3,822 | 2,275 | 1,897 | -50.4% |
Other real estate news …
- Calif. June home price plunge 28%, worst in U.S.
- Wishful thinking on home values?
- Banks offer 28% discount to O.C. foreclosure shoppers
- O.C. bank-owned properties rise 37%
- Builders shave $430,000 off new O.C. house prices
- Demand for O.C. homes rises for 1st time in 4 weeks
- O.C. house supply down to 8 months
- Early July’s house-buying burst is best since Sept. ‘05
- Brit pays $12.8 million — cash — for Seal Beach strip mall
Only 40% less than average, now that’s what I call a boom.
Oh My … that’s such a quality sales number! Lots of conviction in that figure.
We have one answer; PRICES MUST CONTINUE TO DECLINE!
And the beat goes on, and on, and on!
Not a boom, but it is on the rise.
Didn’t you already post that link Bubbs? Why the repetition?
I wonder if you all can make it through the day without any name calling and still keep stay on topic.
omit “keep”
blogger states- emphatically -
OC HOMEBUYING SLUMP ENDS….
ENDS? its now over? thats it?
wouldnt care to make a wager about that
would you blogger?
when is the register gonna put the 27%
price drop on the front page of their paper?
during the run up every other day had …
NEW OC PRICE RECORD… plastered on the front
page I dont recall the realtors complaining
when that was happening- now its.. blame the media
blame the blogs- hypocrites
WELL IM OUT TO FIND A REALTOR
THE HOUSING SLUMP IS OVER
WHERES PROVIDER THE METH REALTOR
OH I BET HES SLEEPING AFTER BEING UP FOR SEVERAL DAYS BLOGGING AWAY OVER 200 TIMES…LOLLL
MAYBE I BETTER WAIT YES IM GOING TO
ONLY A FOOL WOULD BUY A HOME NOW
SEE U IN AN OPEN HOUSE IN 2010
oh yes rants…the blog has SOOOOOO much influence over the market. How about absolutely zero effect from this blog on the market.
Now that sales volumes have stabilized, price drops can begin in earnest. Check the history folks, that’s how it happens - volume begets price drops.
A home is a home, you buy one just like you buy a car or whatever, it’s a necessity unless you want to live in an apartment or don’t want to settle down in a location. Most of the people who post on this site are simply looking at houses as a means for making money instead of as a place to live and enjoy life. Good luck buying in 2010 I hope for your sake that prices aren’t rebounding, interest rates aren’t higher, and a 20% downpayment is not required haha.
Well, Rants did say “the paper” not “the blog.” There is a vast difference in circulation.
Is the sky still falling?
Chris (another realtor) Says: “Good luck buying in 2010 I hope for your sake that prices aren’t rebounding, interest rates aren’t higher, and a 20% downpayment is not required haha.”
Well, that is exactly what realtor have been saying for the past 3 years and they have been WRONG.
People who waited have been right and can now buy for a lot less than 5 years ago.
By the way, if interest rates go up, home prices will come down accordingly. I love it when realtors say “buy now before interest rates go up or risk being priced out of the market forever”
yeah right, high interest rates make houses unaffordable for everybody, not just me and therefore home prices have to come down.
Also, with unemployment going up and the global economy slowing, don’t expect home prices to rebound any time soon.
“can now buy for a lot less than 5 years ago. ”
I meant to say “3 years ago”. If you bought 5 or more years ago like I did, you are still above water.
Well I’ve been down so G_ _ D_ _ _ long, that it looks like up to me.
—during the run up every other day had …
NEW OC PRICE RECORD… plastered on the front
page I dont recall the realtors complaining
when that was happening- now its.. blame the media
blame the blogs- hypocrites—
note the blog reference…
BTW, a junior high kid could trade on wall st. today…oil goes up, sell off tech etc. Oil goes down, buy tech, banking, etc. Dweebs…
Its over, but it is still worse than it has been since 1988. wow I feel better already
The OC’s Biblical Housing Implosion Continues……….Dead Cat Bounces Included………………………..
I think the “increase” is from people buying foreclosures.
Yep, I agree. I blame the lender also. People love to say that the buyer signed, but there is definitely room for a lot of fraudulent misrepresentation lawsuits, and I truly hope that more borrowers will file them.
Is Lasner’s subject title meant to be taken scarcastically? “Home Buying Slump Ends”???
Mulliganville Says: “the buyer may have made a bad choice one time…but the lenders did this hundreds if not thousands of times, knowing full well what the consequences were going to be.”
And realtors like you kept telling people to buy or risk being priced out of the market forever.
Realtors were almost as guilty of the housing bubble as lenders.
and don’t tell me that you were the only realtor in the country who didn’t tell buyers to buy in 2005. What you guys did during the boom was disgusting.
Does it feel better or worse to hit a ledge after falling off of a cliff?
Foils I’ve been Ratted
Well, Bubbs, in 2005 I was in Houston TX…so while you are busy thinking you know what you are talking about with respect to me, check yourself Berkeley boy.
He who controls the money controls the business. Always have, always will. Don’t be so dense my friend. Nobody bought because the agent told them to. They bought because they lender said, “YOUR PAYMENT IS $2800 and we will loan you the money without verifying jack sheeeeet.”
No matter what every agent in Orange County were to tell a potential purchaser…if the banks were not lending like they did, you would not have this debacle. And your current home would probably be worth a little more today that it actually is. Again, go find some humility Bubbs…humility.
So the OC Housing slump is over. Well, I guess it just goes to show ya, even Frank Sinatra had to clear his throat once in a while.
Mulli,
Why?
–
# Mulliganville Says:
oh yes rants…the blog has SOOOOOO much influence over the market. How about absolutely zero effect from this blog on the market.
–
It’s comments like that that make me feel you and Provider went to the same school.
No basis for it. It’s NOT want Rants said. It’s clearly intended to paint Rants negatively or an attempt to make it seem he was foolish in his comments.
There’s a problem with reading comprehension or a problem with integrity.
Sad to see this from you —- unless you and Provider are connected. In that case I’m glad to see this.
The only thing Hwood has spotted lately is the carpet.
Mulliganville Says: “And your current home would probably be worth a little more today that it actually is”
Since I bought my home before the insanity started and put down 20%, got a 30 year fixed loan, and view my home as shelter not as an ATM or retirement plan, I don’t care that my home is worth less now than 3 years ago.
Mulliganville Says: Don’t be so dense my friend. Nobody bought because the agent told them to. They bought because they lender said, “YOUR PAYMENT IS $2800 and we will loan you the money without verifying jack sheeeeet.”
Most buyer start working with realtors way before they get approved for a mortgage. In fact, realtors are usually the ones that refer buyers to the mortgage brokers. I have never said that realtor were more responsible for the housing bubble than lenders, but they certainly had a lot to do with the bubble and were happy to take the commissions.
NBUBBLE:
THANK YOU FOR REMINDING THE FOLKS THAT REALTORS HAD A LOT TO DO WITH THE BUBBLE.
They were a huge factor and onboard completely with what the mortgage companies propagated. In fact, they willingly helped cultivate and lead the blind right into the predators arms.
RE agents in the OC were nothing but order-takers for years. Thankfully, those days are over for good. But, now, it is evident that some are still of the mindset from the old way of thinking and are busy with their mind-filled delusion, denial and even meltdowns here on this blog.
pdu–i read rants’ comment as we are blaming the blog for the current situation…my point to him was one I have made consistently: no influence will ever come from this blog with respect to the market, buying, or renting. It is just a forum for amateur debate theater. Nothing more…why was that so shocking?
and pdu: the next time rants “paints me or another bull in a negative light” I expect you to demand the same from him that you did from me…fair enough?
MULLIGANHEAD
WRONG AGAIN
THE REALTORS HAD A HUGE INFLUENCE ON WHAT WAS BOUGHT YOU GOOF BALL..
THEY WERE NO DIFFERENT THAN STOCK PROMOTERS RUNNING UP STOCKS THAT THERE WAS NO JUSTIFICATION FOR PRICE JUST YOU THE REALTOR/STOCKBROKER SAID YOU CANT LOSE BUY DONT WORRY ABOUT PRICE AND IF U DONT HAVE ENUFF MONEY BUY ON MARGIN…
MULLIGAN GO TO BED AND GET SOME SLEEP WITH PROVIDER HIS METH HIGH WORE OFF NOW HES SLEEPING WITH
SEEKING ALFALFA FOR BRAINS
Quiztime capboy…how do you purchase stocks? Now, how does 97% of the county purchase homes? Que Jeopardy music…
MULLIGAN HEAD
PLEASE JUST ASK A REAL QUESTION AND ANSWER IT YOURSELF U MAKE NO SENSE WHATSO EVER
WHAT ARE U TALKING ABOUT
I THINK PROVIDER ON METH IS MORE ASTUTE THAN YOU
Hwood, you are supposed to stop the Q-tip when you feel resistance…
So, the stock promoter ran up the stock prices huh? Really….your giant investment houses ran up the prices of certain stocks…not Johnny Broker down the street. The fact you think otherwise is comical, but it explains why you think the way you do.
Your lenders, those that control the money, drove up housing prices through their inventive financing programs. They created a false demand by offering payments equivalent or better than renting and all you had to do was write your SS# on a cocktail napkin to get approved. Why this is so hard for you to grasp is beyond me.
# Mulliganville Says:
‘pdu–i read rants’ comment as we are blaming the blog for the current situation…my point to him was one I have made consistently: no influence will ever come from this blog with respect to the market, buying, or renting. It is just a forum for amateur debate theater. Nothing more…why was that so shocking?’
—-
I don’t find it shocking.
You misinterpreted what Rants said.
You are misinterpreting what I said to you.
That is the same tactic used by Provider.
It is so easy to discredit what one says when what you are discrediting is NOT what they said.
Again, i see either a comprehension or an integrity problem…… and there is a similarity you and Provider share in the way you both go about this.
Tactic? Don’t be paranoid…it would be a misinterpretation of the comment. That being said, I interpreted rants’ comment as he is intimating WE are blaming the media and the blogs today for overly negative coverage. I said, THIS blog amounts to NO IMPACT on the housing market. I see the correlation between my retort and rants’ original comment. I am sorry you cannot. Perhaps you are bantering too much with provider :)