Homebuying cools in Irvine, Tustin: 14 facts to know

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OH prices up 33.7% but sales down 24.02%
GPN prices down 9.5% but sales up 52.1%

Strange stats. What says BTB.
 
1. Price increase but less transactions this quarter vs prior year quarter.
2. Price down but more transactions this quarter vs prior year quarter.



 
Transaction volume is down because inventory levels have been low over the past year while prices have been moved up, especially in the sub $1m market where the inventory levels are the lowest.
 
Burn That Belly said:
Happiness said:
OH prices up 33.7% but sales down 24.02%
GPN prices down 9.5% but sales up 52.1%

Strange stats. What says BTB.
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Oh that's easy to explain.

"OH prices up 33.7% but sales down 24.02%"

Translation: We need to keep the riff raffs out. Increase the price so only the most formidable, respectable, and classy buyers can afford to live in such premium neighborhood. After all, it is the AMG of Irvine.

"GPN prices down 9.5% but sales up 52.1%"

Translation: The homeless and cemetery could be coming. Open the flood gates by lowering the price and watch them come!
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Wrong yet again. Year over year GPN data is comparing detached Pavilion Park resales with newly built, attached Beacon Park resales. As GPN developers continue to build crowded 3-story lots, those attached units will continue to depress the median resale $. That does not mean that GPN products are depreciating a priori.
 
USCTrojanCPA said:
Transaction volume is down because inventory levels have been low over the past year while prices have been moved up, especially in the sub $1m market where the inventory levels are the lowest.
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^ This.

They keep on saying the housing slow down is coming but the eventory is just so low that  I don?t see it coming.

We are actually in the middle of housing shortages.  There?s an article out a few days ago (can?t seem to find it) states that we need something like 70,000 more housing units in the Orange County alone in the next few years in order to meet the demand. 
 
lnc said:
There?s an article out a few days ago (can?t seem to find it) states that we need something like 70,000 more housing units in the Orange County alone in the next few years in order to meet the demand. 
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But I thought morekaos said everyone is moving out of California. :)
 
irvinehomeowner said:
lnc said:
There?s an article out a few days ago (can?t seem to find it) states that we need something like 70,000 more housing units in the Orange County alone in the next few years in order to meet the demand. 
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But I thought morekaos said everyone is moving out of California. :)
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Yep, why do you think they're leaving?  Hint: No houses
 
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