Posts Tagged ‘home price trends’

Home Prices the difference

CoreLogic recently released their Home Price Index ReportOne of the key indicators used in the report to determine the health of the housing market was home price (more…)

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what does the future hold for home prices

Home prices are at the top of everyone’s minds. Can they maintain their current pace of appreciation? Will rising mortgage rates negatively impact home values? Will the next (more…)

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$1 million-plus home sales fell 14.5% in ’09

February 9th, 2010, 12:00 pm · 6 Comments · posted by Jeff Collins


DataQuick reported recently that 2,448 Orange County homes sold last year at prices of $1 million or more.

That’s down 14.5% from 2008, when 2,862 O.C. homes sold for at least seven figures.

Those figures compare to more than 5,200 million-plus home sales in O.C. in 2007, and more than 7,300 in 2005.

DataQuick attributed the decrease in million-plus sales to “buyer reticence, a difficult mortgage market and several years of price drops that tugged the value of many homes below the million-dollar threshold.”





LOS ANGELES 6,046 5,239 -13.3%
ORANGE 2,862 2,448 -14.5%
SAN DIEGO 2,216 1,578 -28.8%
RIVERSIDE 665 342 -48.6%
SAN BERDOO 188 123 -34.6%
VENTURA 595 405 -31.9%
IMPERIAL 1 1 0.0%
SOCAL 12,573 10,136 -19.4%
CALIF. 24,436 18,621 -23.8%

Among the highlights from DataQuick’s report:

  • DataQuick shows an even greater percentage decline than reflected in an earlier report based on figures from the Multiple Listing Service, which showed that million-plus sales had decreased 11%. Unlike the MLS, DataQuick figures reflect all home sales, including newly built homes and those sold outside the MLS.
  • While 2009 million-plus home sales fell 14.5%, overall sales in the county jumped 17.1%.
  • One out of every 13 homes sold last year went for $1 million or more, compared to one in nine in 2008, one in 5 in 2007 and one in 7 in 2005.
  • Statewide, million-plus home sales fell 23.8% in 2009 to one out of 25 homes sold. In Southern California, million-plus sales fell 19.4%
  • The biggest drop in the region was in Riverside County, where million-plus sales dropped 48.6%, followed by San Benardino County with a 34.6% drop.
  • In Los Angeles County, homes priced at $1 million or more dropped 13.3%, the smallest decline in the region.

About 1,900 of the homes that sold statewide last year for less than $1 million had previously sold for $1 million or more, DataQuick said. The median price for those homes declined by about $420,000, or 35%.

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Sales of new one-family houses in July 2009 were at a seasonally adjusted annual rate of 433,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 9.6 percent (±13.4%)* above the revised June rate of 395,000, but is 13.4 percent (±12.9%) below the July 2008 estimate of 500,000.

The median sales price of new houses sold in July 2009 was $210,100; the average sales price was $269,200. The seasonally adjusted estimate of new houses for sale at the end of July was 271,000. This represents a supply of 7.5 months at the current sales rate.


For the full news release go to http://www.census.gov/const/newressales.pdf

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