The Slide Begins?

large-black-arrow.jpegWe have read it over and over again. And we have heard it like a broken record. (Or would broken CD be the more appropriate saying at this time?) And what we have read and heard is the following: The number of houses for sale in Orange County keeps climbing, but the median selling price for homes in the OC continues to hold firm.

Well, according to an article on Jonathan Lansner’s blog that just might be changing. Lansner states that recent DataQuick numbers reveal a possible shift:

“… median selling prices, a real estate marker that had been remarkably stable, now has weakened.”

He continues by saying that the mid-September median price for all Orange County residences ($605,000) is 4 percent less than a year ago.

Lansner concludes his article with the following statement:

“If September finishes this way, a 4 percent year-over-year drop in price would be the largest in 11 years (March ’96).”

Perhaps Orange County’s housing prices are finally starting to acknowledge market reality. Has the downward slide in the median price of homes in Orange County started? The upcoming October stats could be quite telling.

Note: I first saw this article, “Median sales price declining, according to mid-September stats,” in the Orange County Register‘s hardcopy version, September 29, 2007.