Orange County home sales tumble 28% as loan payments soar 42% – Orange County Register


Orange County’s April home sales were down 28% from last year’s spring sales rush as record-high prices and soaring mortgage rates in April pushed the cost of buying 42% higher.

Across Southern California, 21,486 residences — single-family, condominium, existing and newly constructed homes — sold in six counties, down 8% for the month, and down 19% over the past year. The region’s median price of $760,000 was up 3% for the month, and up 17% over 12 months.

Pricier home loans saw a typical SoCal buyer get a house payment of $3,010 a month for the latest median vs. $2,191 a year ago on a $651,000 median. So prices rose 17% vs. a house payment’s 37% jump.

Here’s what my trusty spreadsheet found in DQNews’ report on closed transactions in April in Orange County …

Sales

The tally: 3,021 homes sold. This was the No. 25 busiest April of the 35 since 1988.

One-month change: 5% decrease from March. Since 1988, sales have fallen in this period 47% of the time with an average 1.4% increase from March.

One-year change: 28% decrease — No. 27 biggest decline since 1988 (or it’s been worse only 7% of the time.)

Pre-pandemic: April sales were 0.3% above the 3,012 average buying pace of the month, 2010-2019

Prices

The median: $1.05 million for all homes, up 2.9% in a month while increasing 21% over 12 months. This breaks the record $1.02 million median set in March.

One-month trend: Since 1988, prices have risen 54% of the time in April, with an average 1% gain.

One-year trend: Latest gain tops 93% of all 12-month periods since 1988.

Pandemic era: 16 price records have been broken since February 2020. The median’s $301,500 increase equals a gain of $15.84 every hour over these 26 months.

Key slices

Existing single-family houses: 1,947 sold, down 28% in a year. Median of $1.21 million — a 23% increase over 12 months.

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