Redfin: Head south for home discounts

Redfin recently posted the above chart on its Orange County Sweet Digs blog as part of a roundup of where the biggest price discounts were for the month of August.

As you can see, South County is very well represented, as 7 of our areas were well above the county median of 4.6 percent. And, five of the top 7 areas in the county, as well as 7 of the top 10 most discounted areas were South County cities.

What does this tell us? It means there might be some denial working in our area, so sellers are listing higher than they can get and are later forced to reduce the price. You also need to think about some of the areas on this list - Laguna Beach, San Clemente, Coto, Dana Point - all are areas with a lot of expensive houses. It's probably also an indicator that the housing pain experienced inland has brought those prices just about as low as they are going to fall, and now it's the high-end pricing that is coming down.