| Month | 20 yr. 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 | -32.3% |
| August | 4,362 | 2,285 | 2,713 | -37.8% |
| September | 3,894 | 1,643 | 2,667 | -31.5% |
| October | 3,724 | 1,700 | – | – |
| November | 3,430 | 1,567 | – | – |
| December | 3,920 | 1,731 | – | – |
| Average | 3,822 | 2,275 | 2,107 | -44.9% |
DataQuick’s final stats from last month shows O.C. homebuying totaled 2,667 houses, condos and new residences, that’s 62% ahead of a year ago. That’s the biggest year-over-year gain in DataQuick’s 20-year history.
O.C. homebuying ran above year-ago levels for the third straight month in September, a noteworthy switch after a 33-month streak of slumping sales. Although, a year ago, a then-mortgage-only credit crunch was strangling the housing market.
Please note (Or peek at chart showing how O.C. homebuying stacks up by month over history and how 2008 shapes up vs. the past.) …
- History shows us that last month’s buying was 32% below the average for a September since 1988.
- Last month’s sales were off 30% compared to an average month since 1988.
- September sales were down 2% vs. August. But, since 1988, sales have dropped 11% between the two months, on average.
- Year-to-date, O.C. homebuying is down 45% vs. the 20-year average activity.
- The gains were widespread as 72 of 83 O.C. ZIP code enjoyed increased September sales vs. a year ago. (All ZIP results ARE HERE!) As an example, sales rose 35 % in Huntington Beach for September.
As for September pricing, the median selling prices was $425,000 — down 25% in a year. That kind of discounting surely helped boost this fledgling 3-month winning streak.
Other recent real estate reports …
- Double-digit rent increases coming to O.C.?
- Wells Fargo uses varied approach to selling O.C. foreclosures
- Real estate slump holds ‘tremendous opportunities’
- Huntington Beach’s late Sept. homes sales up 19%
- North O.C. draws largest rent hikes
- Late Sept. homebuying up 29% in Irvine
Check out these O.C. trends…
- A doggone difficult time for people with dogs to rent
- Food Network star thrills fans at Williams-Sonoma
- Economic upheaval shocks business owners
- Irvine recession proof, but Newport at risk?
- KDOC pulls plug on ‘Daybreak OC’ newscast
- Billionaire Samueli’s sentencing delayed until August
- Economic recovery plan — plastic surgery
- O.C. rent increases becoming a rarity
- Sam’s Club offers cheap membership fee for holidays
- Time Warner Cable plans more channels in O.C. despite fines
I AM SURE HWOOD IS THE GUY WHO BUY ALL THESE HOMES.
HE MAKES SO MUCH MONEY HE CAN BUY ALL OF OC.
“Sept. O.C. homebuying soars record 62%”
and yet home prices keep going down.
I guess we’re going to have to bail out all these knife catchers who are currently buying in this declining market. The ignorance of the typical OC home buyer never fails to amaze me.
How many of those were organic? LOL!!!
blogger throws out this screaming headline
–OC homebuying soars record 62%–
LMFAO- talk about spinmeister–
hey blogger how bout this headline—
despite all the knifecatchers out there- sales are still
32% BELOW the the historical average and prices
continue to plummet-
Let’s see, based upon DQ News, OC prices fell $145,000 in one year, and $205,000 from the peak. That is $3,000 a week. So from the time someone makes an offer to the time they close 1 month later, they will see their house decline by $12,000. In 60 days the value would decrease $25,000.
Wow! What a great deal! Where do I sign up for that opportunity!
Sellers are still making out like bandits!
SalesVolume Median Price
All homes Sep-07 Sep-08 %Chng Sep-07 Sep-08 %Chng
Los Angeles 4,361 6,274 43.90% $525,000 $360,000 -31.40%
Orange 1,643 2,667 62.30% $570,000 $425,000 -25.40%
Riverside 2,208 4,551 106.10% $375,500 $237,500 -36.80%
San Bernardino 1,509 2,831 87.60% $325,000 $205,000 -36.90%
San Diego 2,152 3,366 56.40% $470,000 $328,000 -30.20%
Ventura 582 808 38.80% $545,500 $385,000 -29.40%
SoCal 12,455 20,497 64.60% $462,000 $308,500 -33.20%
Sounds to me like mr. rants wants a socialist platform for home purchasing.
Hey Bubbs: how about many of these buyers have enough cash and do not need to time it perfectly. Or, should we wait for you to start http://www.timetopurchaseochousingagain.com?
during the OC boom cycle, prices stopped going up when sales volume started to become negative. then it took another 20 months or so before prices started dropping.
now its the reverse. It makes you wonder if this is the beginning of price stabilization, and eventual price appreciation after sustained sales volume increases for many months.
I’m sure the economy will have a lot to do with how things turn out and how long it take for recovery.
I hope the home prices just keep falling. I’m planning on buying my first home at the end of 2009. Keep on falling!!!!
More excerpts from DQ News:
“The pitifully low September 2007 sales numbers weren’t tough to beat…You have to view last month’s sales in the proper context,” he cautioned. “They represent escrow closings, which reflect purchase decisions made in mid-to-late summer. That was before the dramatic worsening of the nation’s economic crisis in recent weeks. Over the next few weeks our sales data will begin to show how the meltdown in financial markets this fall has impacted housing demand.” said John Walsh, MDA DataQuick president.
Can someone please fire the writer of these articles.
We would just like accurate information on what is happening.
That seems like a pretty important except from DQ that should have been included with this post from Jon.
Thanks Marcia!!
$425K MEDIAN; $100K MORE TO GO. $325K WILL BE ABOUT RIGHT.
Day Traders/Speculators - PIMCO has increased it’s purchase of MBS’s. You need to accept that home prices in nice neighborhoods have stabilized! There will be a maximum of 10% decrease in price over the next 3 years. You will still be priced out. You need to accept that the world does not revolve around your constant stupidity.
Save the money for your 20% down. Stop gambling on the STOCK MARKET. Even it has stabilized. Do you see people and leaders working together? It’s not about you and your money. The sooner you accept the world, the faster the world will try to include you in the plan of home ownership in a nice neighborhood!
I am very curious about something and I also wonder how many other folks are curious as well:
What do RE professionals state as a simple rule of thumb for new home buyers with families for determining a price point for buying a house?
Should they focus on monthly payment alone, even when using an adjustable loan?
Should they use the traditional 3X annual income?
Should they look at buying as much home as possible with the loan that offers the lowest monthly payment, even if its only fixed for a year?
What are realtors telling their first time home buyers as to how to determine price limits?
Many folks have stated what RE buyers - especially first time home buyers with families - should be limiting themselves to when buying a home. The link below is a fairly good write up on the topic.
I went as far as personally asking a few agents we worked with in the past to offer their comments on the topic. Most stated they do not have a comment and that buying is SOLELY UP TO THE BUYER AND LENDER in determining affordability - meaning the agent does not and is not willing to offer their opinion to the 3X annual income rule. However, all of them did state that modern lending practices (their term, not mine) have allowed buyers to stray from that rule with some success. When asked to define success when limiting the scope of this rule (and discussion) to first time home buyers, I again received no comment.
So, to be fair in the discussion, and to keep this civil - I am simply asking for straight up, honest answers, as to what agents are suggesting to their buyers. In person, I seem to have great difficulty in getting straight answers. Maybe on a blog, I will get some more open comments.
Here is that link:
http://www.doctorhousingbubble.com/a-math-formula-to-solve-the-housing-market-mathematically-determining-how-much-home-you-can-afford/
Interesting
Heeellloooo??? Anybody home?
The sales are soaring in SANTA ANA, GARDEN GROVE, ETC!!
I am certain that many of these 2008 purchases will be the foreclosures of 2009 and beyond.
The Dataquick information reflects many sales that actually took place at the beginning of the summer (when they went into escrow). Hence, it reflects a past market. Values and sales have since declined
It’s simple math rants. 62 beats 32……..suckers walk!!!!
I’m tired of this. “Investors” are buying 30 homes in a lot from banks at 50 cents on the dollar. That’s not better numbers. That’s 30 families who won’t be able to buy a home because some “investor” who can’t perform a real service to humanity took it and put it up for rent or is going to hold it until he can double his money.
They have found a way to be greedier. Yippee.
Foreclosures are now getting multiple offers and drivng prices on those properties way above asking price.
# Sure Says:
October 20th, 2008 at 11:16 am
Day Traders/Speculators - PIMCO has increased it’s purchase of MBS’s. You need to accept that home prices in nice neighborhoods have stabilized! There will be a maximum of 10% decrease in price over the next 3 years. You will still be priced out. You need to accept that the world does not revolve around your constant stupidity.
—-
Jimmy?
That you???
“Foreclosures are now getting multiple offers and drivng prices on those properties way above asking price.”
But still way below the comps, driving those prices DOWN.