Orange County home sales hit their highest level for a November in seven years, soaring 25.3 percent over last year’s sales pace.
Home prices, meanwhile, hit a five-year high for a November, rising 12.5 percent from 2011, housing market tracker DataQuick Information Systems reported Wednesday.
The median home price, however, dipped slightly last month – to $450,000 in November versus $455,000 the previous month. Foreclosures dwindled. Competition for a limited supply of homes remained fierce.
Despite obstacles, Orange County home buyers still pushed sales to record levels in November.
According to DataQuick:
•Homeowners closed 2,879 home sales last month. That’s up 25.3 percent from 2,297 in November 2011 and the highest number of homes sold since November 2005.
•The median Orange County sales price — or price at the midpoint of all sales — increased to $450,000, vs. $400,000 in November 2011. It was the seventh consecutive year-over-year price gain.
Record-low interest rates and a shrinking supply of listings helped drive up home sales over year-ago levels for a 10th consecutive month, DataQuick analysts said.
Orange County also has a reduced supply of distressed, bargain-priced homes that had been holding prices back.