O.C. Leads Southland With 10% Increase in Home Sales : Real estate: The average price rose 1%, retaining the county’s lead in cost as well. Market now is in existing homes.
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RIVERSIDE — Orange County has sprinted ahead of the rest of Southern California this year in home sales, according to a survey released Tuesday by TRW Redi Property Data. The county registered a healthy 10% growth in the sales of existing and new homes from November, 1990 to November, 1991.
The upturn makes for two consecutive months of large year-to-year increases in Orange County. October home sales rose 12% from a year earlier.
In the same November-to-November time period, Southern California sales inched up only marginally, by about 1%. Although Los Angeles saw a 5% increase, sales in San Diego, Riverside and San Bernardino counties dragged down the overall average with decreased sales--nearly canceling out Los Angeles and Orange counties’ stronger showings.
Orange County in November continued to lead the Southland with the highest average home price at $241,941, up 1% from $239,671 last November. Prices for all of Southern California were also up 1%, from $203,263 to $204,972.
“If one is to be picky and take into account inflation, we had negative growth” in prices, said Nima Nattagh, a market research analyst with TRW Redi Property.
Sales of previously occupied homes fared well in Orange County, jumping 19% from the year-earlier month, while sales of new homes dipped 29%.
Last month, 3,176 existing homes and 445 new homes sold in the county.
“There is a bigger demand for existing homes because they tend to be less expensive than new homes,” Nattagh said. The average price for an existing home in Orange County last month was $238,000, compared to $254,000 for a new home.
The 10% boost in overall sales in Orange County “signals a sign of movement in the market,” Nattagh said.
Housing Market in Orange County
MONTHLY HOME SALES
Total sales of new and resale houses and condominiums April 1989: 4,431 November 1991: 3,621
AVERAGE HOME PRICE
Average sale price for new and resale houses and condominiums April 1989: $251,959 November 1991: $241,941
Source: TRW Marketing Services
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