graphrix_IHB
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<a href="http://www.ocregister.com/articles/homes-price-sold-2125749-less-percent">Survey of recent 'paired home' sales shows that almost 1 out of every 2 homes sell for less than their previous sale price</a>.
<em>The number of homes selling for less is greatest in inland ZIPs, but even coastal ZIP codes where the median home price went up in the first half of the year, have significant numbers of homes selling at a discount, the figures show.
"When you focus solely on sales where you have a prior sale price, even homes selling near the beach have a significant decline," said DataQuick analyst Andrew LePage, the study's author. "It tells you that none of these markets, even near the sand, are bulletproof."
The figures are based on prior sales as far back as 1988, but most of the prior sales occurred since 2001.
The more recent the prior sale, the more likely the home suffered a price drop and the bigger the reduction, the figures show. For example:
* Sixty-nine percent of the Orange County homes bought in 2002 or later sold for less in the mid-April to mid-June period.
* Almost 93 percent of homes bought in 2005 sold for less, with a median price decline of almost 26 percent.
* Almost 97 percent of homes bought in 2006 sold for less, with a median price drop of 33 percent.
LePage examined 3,017 "paired home" sales that occurred in Orange County from mid-April to mid-June to get a more precise idea how home values here have dropped.
He limited the study to homes for which there were complete sale price records in both the latest transaction and the last time the home sold. Paired home sales ? comparing a home's current price to its prior price ? is considered one of the most accurate ways to measure an area's overall change in real estate values.
Of those 3,017 homes, 1,442 ? or 47.8 percent ? sold for less this past spring than they did previously. The median price drop among homes selling for less was 27.1 percent.
LePage said he studied paired sales to correct for flaws in the median price reports his company issues.
"There's no single, perfect gauge to look at changes in home values, so it's best to look at several," he said. "This one is best for weeding out changes (in the mix) of homes selling."
For example, LePage noted that the median price ? or midpoint for all sales ? of a Laguna Beach home increased 8.2 percent during the first six months of 2008 compared with the first six months of 2007. But if you look at individual homes, rather than the entire market, the picture changes. About a third of all Laguna Beach homes that sold between mid-April and mid-June fetched less than their previous sales. The average decline among these homes: 15 percent.</em>
And... the chartpr0n...
http://www.ocregister.com/newsimages/Graphics/2008/08/sellingfZIPREVISE.g0817.gif
The high end is [strike]immune[/strike] not immune. 60% to 89% of homes sold in Newport Coast are selling for less. How? OMG! How can that be?
<em>The number of homes selling for less is greatest in inland ZIPs, but even coastal ZIP codes where the median home price went up in the first half of the year, have significant numbers of homes selling at a discount, the figures show.
"When you focus solely on sales where you have a prior sale price, even homes selling near the beach have a significant decline," said DataQuick analyst Andrew LePage, the study's author. "It tells you that none of these markets, even near the sand, are bulletproof."
The figures are based on prior sales as far back as 1988, but most of the prior sales occurred since 2001.
The more recent the prior sale, the more likely the home suffered a price drop and the bigger the reduction, the figures show. For example:
* Sixty-nine percent of the Orange County homes bought in 2002 or later sold for less in the mid-April to mid-June period.
* Almost 93 percent of homes bought in 2005 sold for less, with a median price decline of almost 26 percent.
* Almost 97 percent of homes bought in 2006 sold for less, with a median price drop of 33 percent.
LePage examined 3,017 "paired home" sales that occurred in Orange County from mid-April to mid-June to get a more precise idea how home values here have dropped.
He limited the study to homes for which there were complete sale price records in both the latest transaction and the last time the home sold. Paired home sales ? comparing a home's current price to its prior price ? is considered one of the most accurate ways to measure an area's overall change in real estate values.
Of those 3,017 homes, 1,442 ? or 47.8 percent ? sold for less this past spring than they did previously. The median price drop among homes selling for less was 27.1 percent.
LePage said he studied paired sales to correct for flaws in the median price reports his company issues.
"There's no single, perfect gauge to look at changes in home values, so it's best to look at several," he said. "This one is best for weeding out changes (in the mix) of homes selling."
For example, LePage noted that the median price ? or midpoint for all sales ? of a Laguna Beach home increased 8.2 percent during the first six months of 2008 compared with the first six months of 2007. But if you look at individual homes, rather than the entire market, the picture changes. About a third of all Laguna Beach homes that sold between mid-April and mid-June fetched less than their previous sales. The average decline among these homes: 15 percent.</em>
And... the chartpr0n...
http://www.ocregister.com/newsimages/Graphics/2008/08/sellingfZIPREVISE.g0817.gif
The high end is [strike]immune[/strike] not immune. 60% to 89% of homes sold in Newport Coast are selling for less. How? OMG! How can that be?
