There’s good news for Brea home owners. According to the California Association of Realtors, California recently saw the eighth straight month of annual price gains when it comes to real estate in October. The year-over-year increase was the largest since May 2010, while the median price of an existing, single-family detached home was up 23% from a year ago. This marks the fourth consecutive month of double-digit annual price gains.
Leslie Appleton-Young, the association’s vice president and chief economist, said, “The year-over-year price gain…has been accelerating since early 2012, as sales of higher-priced homes continue to improve. With the supply shortage, especially of lower-priced homes, expected to remain an issue in the near future, we will likely see solid year-over-year price gains through the first quarter of next year, as sales of higher-priced homes grow.”
In October, Orange County’s median price was $558,680, up 15% from $484,390 October 2011. It was down slightly from September by 0.6% from September, but overall sales were up 36% year-over-year and 16.5% from September. County officials recorded 3,148 homes sold, up 40.5% from a year ago and the highest number for an October in seven years. Additionally in October, home sales were up 10% from the previous year and 12.5% from September.
Adds Don Faught, incoming association president, “Sales surged to the highest level since May, with demand continuing to be strong across all parts of the state. Sales were particularly robust in the coastal markets, but they also rose significantly in many non-metropolitan areas, as confidence toward the housing market continued to improve.”
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