Latest on Orange County home sales

Orange County homebuying continues to run well below historical trends, plummeting 18% from a year ago as a slow spring shopping season had to compete with a tax-incentive-fueled market of 2010.

Overall, 2,664 Orange County residence sold last month vs. 3,257 a year ago. That is a 18.2% drop. Median selling price? $425,000 vs. $450,000 a year ago or a 5.6% decline. Through June 2010, federal and state tax incentives motivated shoppers to buy homes.
May isn’t alone, as the entire year has been slow. Looking at the first five months of 2010 …

• 11,596 residences sold — down 7% from 2010.
• Since 1988, 2011 was the third slowest start of a year. Only slower years: 1995, amid the previous real estate slump; and 2008 and 2009, during the recent property collapse.
• The first 5 months of 2011 was 31% below the average 5-month start for a year in home sales since 1988. (That’s 5,129 sales below historical trend.) And 1988-2011 average –16,725 — was last beat in 2006!

May home sales in Orange County by the slice:

• Resale houses – 1,702 sold last month vs. 2,015 a year ago. That is a minus-15.5% change. Median selling price? $500,000 vs. $515,000 a year ago or a 2.9% drop.
• Resale condos – 764 sold last month vs. 942 a year ago — a -19% drop. Median selling price? $265,000 vs. $305,000 a year ago or a 13.1% decline.
• New homes – 198 sold last month vs. 300 a year ago — a 34% plunge. Median selling price? $560,500 vs. $645,000 a year ago or a 13.1% decline.