Home Sales, Prices Drop In Orange County In October

ORANGE COUNTY, CA — Sales of existing homes and median prices in Orange County fell in October, following close behind general statewide trends, the California Association of Realtors said Wednesday.

Last month, home sales across the county were down 17.6 percent compared to September and were 39 percent lower compared to a year ago, according to the association's report.

The California Association of Realtors' Unsold Inventory Index for October showed that the median time a property was on the market in the county before it sold was 25 days. In California, it was 23 days.

"While October's sales and price results were weaker than what we've experienced in the past couple of years and could slow further in the upcoming off-season, the market bottom could be in sight," CAR President Jennifer Branchini told City News Service. "Homes are still selling relatively quickly at 23 days on the market, one in four homes is selling above list price due to limited inventory, and with median price growth remaining positive in four of the five price segments, home prices are holding up reasonably well."

Across the county, the median home price in October was $1.16 million, compared to $1.2 million in September, a 2.9 percent decline, according to the report.

On a year-over-year level, the price was 4 percent higher; in October 2021, the median price of a built single-family property was $1.12 million, according to CAR.

Statewide, the median price last month was $801,190, compared to $821,680 in September -- down 2.5 percent. In October 2021, the statewide median price was $798,440, reflecting an anemic year-over-year rise of .3 percent.

The median represents the point at which half of homes sell above a price, and the other half below it.

City News Service contributed to this report.