Two weeks' worth of data is just that, but the latest DataQuick homes sales numbers on the OC Register's Web site seem to suggest we may have already hit a peak in sales volume for 2008.
This is the second consecutive week that the reported number of homes sold in Orange County was less than the previous week's total. If this holds up, the peak number of sales this year would be 2,389, recorded during the 22 business days ending June 5.
How significant was the latest drop in sales volume for all of OC during the latest reporting period, which ended June 16? It was nearly 5% below the sales numbers for the previous period (ending June 11) and about 7% below the number of homes sold during the 22 days ending June 5.
We'll be following this to see what the numbers continue to tell us. Below is the South OC data, broken out by ZIP code. There were 636 sales during this period, down 19 from the previous week's data.
See you all on Monday...
2 comments:
Don't you think gas prices these days will further pressure not only on distressed home owners, but more importantly, those home owners in the more remote towns in OC, say San Clemente, AV, MV, RSM, etc? I see this in norcal, I would expect the same down in OC. Might be something to think about when you actually pull the trigger on a home.
I think gas prices could certainly play into it, but luckily for most of OC it's a lot closer to job centers than, say the Inland Empire, which is getting absolutely crushed right now.
I could see some issues in places like Talega, land of many SUVs. If your job is in Irvine, that's a fairly long commute. Same goes for places like Ladera Ranch that are further inland. It's kind of a shame since these areas were sold as family friendly, but because much of OC was already developed they had to be further out. RSM is another to think about...the prices are lower but is it worth the extra time and gas to get out there?
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