Dataquicks latest stats show a $437,250 median selling price fo the 22 buisness days ended Septembe 19th. This is 26.6 percent below a yea ago when it was $595,500 and 32 percent less than June 2007's peak of $645,000.
The median selling price hasn't been this low since November of 2003. Only four of the 83 Orange County zip codes had price gains in this period. The deep discounting, however, is luring back shoppers as 2,808 Orange County homes were sold in the 22 buisness days ending September 19th. That is 41.2 pecent above the year-agos period's buying activity, a time when the credit crunch just meant a frozen mortgage market.
If this pace continues, September would mark the fastest rate of sales increase since May 1996. Sales, relatively speaking, are still sluggish. Since 1988, monthly sales have averaged 3,700- or 32 percent above the current pace.
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