4 O.C. cities top CA. Home price gains

 

 

Four of the top cities in the state for median home price gains in December are in Orange County, according to the California Association of Realtors.

At the top of that list is Laguna Hills, with a 62.9% jump. San Juan Capistrano, Tustin and Costa Mesa follow; See the chart at right for details.

In Orange County, CAR says:

 

Yearly Gain

Laguna Hills – 62.9%

 San Juan Cap – 37.2% 

Fairfield – 30.9%

 Tustin – 27.1%

El Cajon – 26.7%

 Thousand Oaks – 19.5%

Escondido – 18.4%

 Costa Mesa – 17.3%

 San Pablo – 16.6%

 Encinitas – 16.3%

* The overall median price in December was $496,070, down 0.6% from November, but up 12.1% from the prior year.

* Sales were up 4.5% from November and up 17.9% from December 2008.

* The county’s unsold inventory was at 5.4 months in December, compared with 5.8 months in November and 7 months in December a year ago.

* Time that O.C. homes spent on the market: 33 days in December, compared with 31.1 days in November and 37.5 days in December 2008.

Newport Beach and Laguna Beach were among the Top 10 cities in the state for median home prices in December, at $938,500 for Newport and $1,230,000 for Laguna. Highest in the state was Beverly Hills at $1,400,000.

Statewide:

* Home sales increased in 1.7% December compared with the same period a year ago and 4% from November.

* The median price of an existing, single-family detached home in December was $306,820, up 0.8% from November and an 8.4% increase from December a year ago.

CAR Chief Economist Leslie Appleton-Young said:

“Home sales were unusually strong in December and were more consistent with peak season trends. Historically, the median price declines November through February and then rises in March. However, lean inventory, historically low interest rates, and incentives for home buyers have resulted in California’s housing market experiencing non-seasonal variations.

“Looking forward, we expect the state’s median home price to fluctuate around the $300,000 level throughout the first quarter. While we expect to experience price gains in the near term, it remains to be seen how the market will fare once the Federal Reserve discontinues its purchase of mortgage-backed securities.”

 

For city by city breakdowns, CLICK HERE:  

http://www.car.org/marketdata/historicalprices/2009medianprices/dec2009medi

For more on the state, CLICK HERE: http://www.car.org/newsstand/newsreleases/dec09salesandprice/