What Were The Actual Numbers…

The first number that shocked everyone was the median resale price for a condo in Orange County, which hit a new all time high of $475,000. The total number of all sales for OC was 3,444 which was up 8% in volume for March 2017 as compared to March 2016 (the last complete month available). This number is comprised of 2,051 single-family resale, 986 resale condos, and 407 new homes. The total median price was $665,000 up 6.4% compared to the same month for the prior year.

Resale prices rose 5.1%, and resale condos about the same at 5.6%.  Volume for resale houses climbed 9.3% but condos took the honors with rising volume of 12.3%. New homes actually declined in volume 6.7%, probably a combination of a higher median price and lack of diversified product. The average house payment increased to $3,228, up from $2,961 a year ago. (statistics by CoreLogic.)