Median Price Of New Construction Homes In Orange County Skyrockets To $934,250
IRVINE (CBSLA.com) — The median price of a newly-constructed home in Orange County reached a record $934,250 in October, according to CoreLogic, a real estate information service.
New home sales in the county also surged 59 percent in the same month, CoreLogic reported.
Pre-existing homes in Orange County also sold briskly. The median price of an OC home was $655,000 last month, up 9 percent from $601,000 in Oct. 2015.
The price spike didn't keep the number of home sales from jumping 9.7 percent, from 2,842 from last year to 3,118 this year during the same month.
A total of 19,976 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to CoreLogic. That was down 6.3 percent from 21,325 in September and up 0.3 percent from 19,920 in October 2015.
"This month's report reflects home sales recorded in October and provides a final look at activity unaffected by any impact from the recent presidential election," said Andrew LePage, a research analyst for CoreLogic. "October sales rose slightly year-over-year and were the highest for the month of October in three years, but remained well below average, in part because of affordability constraints."
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