Orange County has an acute shortage of homes--especially affordable houses--that keeps pushing prices up despite drops in sales, said the chief economist for the California Assn. of Realtors.
The median price of a single-family home in Orange County--excluding new homes being sold for the first time--rose to $176,888 in November.
That was 4.8% higher than the October figure of $168,762 and 17.5% higher than a year ago, when the median price was $150,581.
The number of sales of those older homes rose 5% over November, 1986, according to estimates by the California Assn. of Realtors.
The number of sales statewide dropped 7% from a year ago, the trade association reported Monday. And the statewide median price rose more slowly over the year, gaining 10% to hit $143,043.
After outperforming the statewide averages over the year, Orange County home sales had a tough November. They plummeted 22.5% during the month, even while the median price climbed 5%.
Statewide, sales of older homes dropped 16% during the month. The association blamed an increase in interest rates before the stock market crash in October.
Orange County has a more acute shortage of homes--especially affordable houses--that keeps pushing prices up despite drops in sales, said Joel Singer, the trade association's chief economist.
The association predicts a 10% decrease in the number of home sales statewide next year due to an expected increase in interest rates and consumer uncertainty about the economy. Orange County's drop will be about the same or slightly more, Singer said.
Sales of older homes rose 3% in Los Angeles over a year ago, and the median price rose nearly 12% to $143,832.
In San Diego, November sales fell 6% from a year ago and the median price fell less than 1%, to $130,246.
In Riverside and San Bernardino counties, home sales fell almost 11%, and the median price of a house dropped 3%, to $99,098.