August home sales tally best since 2005

Source: Orange County Register

Low interest rates and a strong economy continued to drive Orange County homebuying to a 12-year high in August, despite a severe shortage of homes to buy, particularly at the lower price ranges, housing numbers released Tuesday show.

CoreLogic reported 3,709 houses, condos and townhomes changed hands in August — the most for that month since 2005, and the fourth-highest tally for any month since June 2006.  “A shortage of available homes for sale continues to stoke robust growth in home prices,” Leslie-Appleton-Young, chief economist for the California Association of Realtors, said in a statement Monday.

“August marked the third straight month that the (statewide) median price gained 7 percent or more year-over-year, indicating that prices are not only growing but are accelerating into the end of the year.”