Alex Tijerina For NicolePompey.com
Here at nicolepompey.com, we watch home sales numbers like hawks, and eagerly await critical reports, in order to keep a fresh perspective on the Southern California Real Estate market. We aim to provide a simple, straightforward summary of the most important “take-aways” from these very detailed reports.
So, let’s get to it…
According to CoreLogic, “Total home sales in July 2019 were the highest for that month in four years, since July 2015…”. However, when we dig a little deeper and look at select counties in SoCal, Total Home Sales, which is new and existing houses plus condos, a very different picture comes into focus…
–Orange County once again had the biggest decline in total homes sold as homeowners saw a 1.7% drop, while the other five counties increased or remained unchanged.
–Riverside County remained hot and had the second largest increase in SoCal with an 8.6% jump in sales.
–San Diego County had the largest increase, jumping 10.1% in total homes sold for July.
–Overall, Southern California total home sales for July 2019 increased to 22,071, which is a 3.7% jump compared to July 2018.
You may be wondering why Orange County (OC) sales have declined, and while no one can give a definitive answer that everyone will agree on, we firmly believe that soaring home prices have pushed many potential OC home buyers to look outside the OC market.
A quick look at Median Home Prices for July 2019 tells the story:
Median Price for Total Homes Sold (new and existing homes and condos) in SoCal:
-Orange County: $729,000, with a median of $800,000 for existing homes.
-Riverside County: $395,000, with a median of $400,000 for existing homes.
-San Diego County: $580,000, with a median of $629,000 for existing homes.
We know all too well here at nicolepompey.com that more and more families simply cannot afford the skyrocketing costs of owning a home in OC. When we look to the East and see large houses on even larger lots at a fraction of the cost of buying in OC, well, the economic reality is too much to ignore.
If you’ve been waiting to buy a home, there are real deals to be had…If you know where to look!