OC Home Sales Rebound

Home sellers have busiest August in 6 years!

Orange County's housing market had its busiest August in six years thanks to lower interest rates and a reviving economy, new housing figures show. And because there are fewer homes for sale, prices experienced their biggest percentage gain in two years, housing tracker Data-Quick Information Systems reported Thursday. That's due in part to higher-priced "standard" sales making up a bigger part of the mix and in part because there fewer heavily discounted homes sold under the cloud of foreclosure.

According to Data-Quick's August housing report, home sales jumped to 3,337 units, up 20 percent from August 2011. The last time more homes sold in August was six years ago. And it was the second-highest sales total for any month since June 2010, when the housing market was juiced by government tax credits for homebuyers. Despite those gains, sales still were 18 percent below August's average sales tally for the previous 24 years.

As for Orange County pricing, the median price last month – or price at the midpoint of all sales -- was $445,000, up 6 percent in a year and up 14 percent since December. August marked the biggest year-over-year percentage gain since July 2010.

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