Ah the numbers…I have the Dataquick numbers before me.
Is it Christmas already? Do we all love home builders, or what?
Where do I start?
First, the YOY sales volume in Huntington Beach is down in all four zip codes.92646 -13.7%92647 -51.0%92648 -20.8%92649 -39.5%
Next, we have had a PRICE DECLINE in 92646——-> -5.6% to $510,000.
That’s enough to make me do flips.BUT WAIT, THERE’S MORE!
1. The median price of a home in OC FELL $39,000 in less than a month from $621,000 to $582,000.
2. The median price of a USED home is $665,000. The median price of a NEW home is now $495,000. It costs $170,000 MORE to buy a USED home than a NEW home in OC.
3. In terms of the median price of a home, we are only $37,000 from showing a YOY DECLINE.
4. There are 15,315 homes for sale in OC, according to www.ocrealestatefinder.com.
5. The price of a NEW home has fallen -36.1%.
6. The price of a USED home has gone up +16.7%.
The topping on the cake…
In typical fashion, before and after the Dataquick numbers, The Orange County Register decided to NOT talk about the OBVIOUSLY HORRIBLE NEWS, and decided instead to talk about the Anaheim Angels Name Controversy (Johnathan Lansner, Housing Whore), and what an interesting company New Century Financial is (Subprime Lending Shylocks).
In the world of Orange County Real Estate, a very large nuclear bomb went off today.
Homeowners have no idea how screwed they are.
Their homes are priced $170,000 ABOVE the prices of NEW HOMES.
And remember, these numbers are A MONTH OLD.
Back when these numbers were happening…
There were ‘only’ 13, 500 homes on the market.
Now there are 15, 315.
Wow.
Wow wow wowzy wow wow.
Wow.
I think I need a drink…