REAL ESTATE
The number of used homes sold by local real estate agents rose just 2% from the level of last year’s third quarter, the California Assn. of Realtors said, and actually dropped from the level of this year’s second, spring quarter.
The reason was simply that fewer homes were for sale during the quarter. Demand remained extremely strong and pushed prices up 32% over the year, a faster increase than any other area in the state except Santa Barbara. Prices were up 11% from the second quarter alone.
The number of third-quarter sales was down 7% from the second quarter of this year, the trade association reported recently.
The median price of a used home in Orange County hit $226,225 for the quarter, up from $204,014 in the second quarter and $171,228 a year ago.
Experts said the market is now slowing down as high prices put buying a home beyond the means of many county residents.
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