Rising prices and increased sales drove Orange County home sales revenue to the highest level for an October in seven years, a recent report from the California Regional Multiple Listing Service shows.
According to a recent O.C. Register article by Jeff Collins, “The combined sales amount paid by local homebuyers totaled nearly $1.7 billion last month.
That’s $598 million – or 57 percent — more than the total revenue generated in October 2011 and the most home sales revenue for an October since the housing boom ended in 2005, the figures show.
Last month’s total was just 9.6 percent less than the October 2005 total of $1.8 billion. And it was 23.5 percent higher than the October average for the past eight years.
The latest report also show that:
2,879 Orange County homes sold through the MLS in October, or 35.7 percent more than in October of 2011.
The average price increased 15.3 percent to $574,872, further boosting home sales dollars.
Year-to-date, home sellers reaped $14.3 billion in total revenue in 2012 so far. That’s 23 percent more revenue than the amount generated in the January-through-October period of 2011 and the highest amount generated since 2006.”
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