Home-sale dollars hit 3-year high

OC Register, August 2nd, 2010

Orange County home sales generated nearly $1.6 billion in June, the highest monthly total since June 2007, new figures from the Southern California Multiple Listing Service show.

Homes sold through the MLS generally commanded higher prices. And more of them sold, pushing the combined revenue from sales up almost 18% from June 2009.

For the first half of the year combined, sales revenues totaled $7.7 billion, up 29% from the first six months of 2009.

The overall increase means that broker commissions were up, too. Assuming that real estate brokers all charged 6% commissions (though in reality commissions usually are slightly lower), O.C. brokers would have earned a combined $462 million in the first half of the year.

SoCal MLS figures show further:

  • The median price for an Orange County home sold through the MLS was slightly better than the median for all homes, which includes For-Sale-By-Owner deals. The SoCal MLS median was $526,100 in June, vs. $520,000 for all homes, according to DataQuick.
  • The median price for an O.C. condo price was roughly the same for MLS deals and the DataQuick count that includes all deals: $300,000.
  • The average price for all homes sold through the MLS was $558,976, up 5.1% from the previous June.
  • A total of 2,802 homes sold through the MLS. According to DataQuick, 621 additional sales were recorded in June, for a monthly total of 3,423.
  • June’s total revenue fell steadily from 2005, when O.C.’s MLS sales generated $2.7 billion. The June total hit bottom in 2009 at $1.3 billion.
  • Six-month totals for the first half of the year fell nearly 41% from $13 billion in 2005 to $6 billion in 2009.

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