Median Local Home Sells for 27% less than Last Year

Datquick's first peek at October's Orange County home buying, based on the 22 business days ended October 6 shows a big decline from last years home buying sales price. The median selling price was $420,000 down 27.2 percent versus a year ago and 35 percent below June's 2007 peak of $645,000. The last time the median was lower was July 2003.

The Dow Jones industrial average closed July 2003 at 9,233. The median price for a condominium was $290,000. Shoppers bought 2,877 Orange County homes, up 70 percent from the credit crunched days of October 2007. In July 2003, shoppers bought 6,174 Orange County homes.

Orange County home sales have beaten the year-ago level for three straight months after 33 months of decline. Since 1988, monthly sales have averaged 3,700.

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