Orange County’s ever-growing home prices have finally hit their dip, according to new numbers from DQNews. Both home sales and home prices fell in September, the first time both areas have seen declines since May 2020.
There were 3,464 existing and new home sold last month, a decline of 6.6 percent from August and down 8 percent from September 2020, as reported by the O.C. Register.
In terms of pricing, Orange County saw a 1.1 percent decline in September, though the average price was still up 13 percent year-over-year. The average price in O.C. last month was $890,000.
In July of 2021, the county hit an all-time high of $905,000.
Those prices wildly fluctuate when looking at the different types of housing. According to DQNews, new home costs averaged $1,077,000—up 14 percent year-over year. The average existing home price was up some 17 percent compared to September 2020 to $1,020,000. Orange County condos went for, on average, $640,000; an increase of 12 percent compared to the same time last year.