It's been a hot summer in Orange County in Southern California–particularly for home builders. The Orange County Register's Jonathan Lansner reports:
Builders sold 371 homes in the 22 business days ending Aug. 8, up 68.6 percent from a year ago, CoreLogic reported.
The jump is part of a year-long selling surge by developers who last year were caught with limited supply after a hot-selling 2014. Mid-month home buying data can be volatile, but in 2016’s first half new homes sales were 22 percent above the 2015 pace.
Builders -- with sales equal to 10 percent of the market -- are having success with some proportionally lesser-priced homes. Orange County’s median selling price for new homes in the period ended Aug. 8 was $742,000, down 7.2 percent from a year ago.