LOCAL : Orange County Home Resales Drop 20% While Prices Climb
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Resales of houses fell nearly 20% in Orange County during the third quarter from a year ago, the California Assn. of Realtors reported today.
The price of a resale house, however, rose nearly 15% from last year, to a median $249,000 during July, August and September.
The trade association blamed high housing prices for the drop in sales, saying prices that are among the highest in the nation forced many buyers out of the Orange County market.
Statewide, sales of existing houses fell 14.6% from a year ago, while the median price of $200,933 was 14.6% higher than the like period a year ago, when the median price was $175,400.
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