Real estate news and views from around the globe that make you go, “Really?”
John Karevoll of DataQuick has followed the local real estate market for the past two decades. As Orange County housing hits its fourth-year anniversary of its collapse, we figured we’d check in with him again to see what he’s thinking. (His last visit IS HERE!)
Karevoll tells ocregister.com in a podcast interview that the worst may be behind us — but the debacle has plenty of blame to share for many parties (and numerous lessons to be learned, too!) Bottom line, in his words: Years from now we’ll realize that 2009 was likely the bottom.
Check out your blogger’s previous podcasts:
MDA DataQuick reported today that Southern California home prices continued to increase in October over the month before, rising $5,000 to $280,000.
| County | Median price | Vs. 2008 | Sales | Vs. 2008 |
|---|---|---|---|---|
| Los Angeles | $325,000 | -8.5% | 7,409 | 8.6% |
| Orange | $436,500 | 3.9% | 2,800 | -1.2% |
| Riverside | $190,000 | -17.4% | 4,197 | -9.1% |
| San Bernardino | $150,000 | -25.0% | 3,176 | 11.2% |
| San Diego | $325,000 | 0.5% | 3,671 | 2.0% |
| Ventura | $365,000 | -2.7% | 879 | 9.6% |
| SoCal | $280,000 | -6.7% | 22,132 | 2.8% |
The gains were driven mainly by monthly price jumps in just two of the six counties in the region: Orange and Riverside.
On an annual basis, the median SoCal price was down 6.7%, but DataQuick reported that that was the smallest drop in two years.
Sales picked up, too, with monthly gains reported in four of the six counties. The counties with monthly price gains – Orange and Riverside – also had monthly sales drops.
DataQuick credited government intervention for playing “a huge role in stabilizing and, to some extent, reinvigorating the housing market.”
Increased FHA lending, tax credits and political pressure on lenders to reduce foreclosures helped ease the housing slump, DataQuick said. Whether those gains will continue after federal support is reduced in a year is still open to debate, the housing research firm reported.
Other real estate trends:
For October – DataQuick’s freshest stats — Orange County homebuying patterns showed:
Here’s a look at the 83 ZIPs and how they fared in terms of median selling price and total sales for this period: Read the rest of this entry »
Have local homes prices gotten ahead of Orange County real estate shoppers’ wallets?
For October – DataQuick’s latest homebuying report — Orange County saw …
 $335,000 |
 $500,000 |
 $1,130,000 |
| Slice | Price | Yr. ago | Sales | Yr. ago |
|---|---|---|---|---|
| Houses | $489,000 | +1.9% | 1,831 | +0.1% |
| Condos | $317,000 | +7.5% | 817 | +0.0% |
| New | $564,450 | +15.4% | 152 | -18.7% |
| All O.C. | $436,500 | +3.9% | 2,800 | -1.2% |
Real estate outlooks:
For the 22 business days ending Oct. 22 – freshest stats from DataQuick — a region-by-region analysis of local homebuying shows Orange County slices up geographically speaking this way …
How did your neighborhood fare? Check our ZIP-by-ZIP data HERE!
Other real estate trends:
October may not been so spooky for local real estate. For the 22 business days ending Oct. 22 – DataQuick’s latest homebuying report — Orange County saw as the end of month neared …
| Slice | Price | Yr. ago | Sales | Yr. ago |
|---|---|---|---|---|
| Houses | $495,000 | +3.6% | 2,001 | +10.4% |
| Condos | $310,000 | +8.8% | 905 | +10.2% |
| New | $505,750 | +4.4% | 176 | -6.9% |
| All O.C. | $435,000 | +4.8% | 3,082 | +9.2% |
Other real estate trends:
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