Thursday, January 18, 2007

OC Sales Down, Median Price Up

Home sales fall 29%, but home prices increase by 3%
How much longer can this kind of bullshit economics continue?

Usually when sales in units declines over a period, one could come to expect, all things being equal, declines in average selling price, not increases.

But anyone who has visited Orange County can tell you, nothing here is equal.

Prices will eventually come down some, but according to DataQuick's Marshall Prentice, the 100% home value appreciation experienced by OC home owners the past 5 years is "here to stay".

In other words, "soft landing" ahead folks!

Gee, aren't you glad there are independent, unbiased sources of information like DataQuick right at your fingertips?

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