by Calculated Risk on 10/05/2007 04:37:00 PM

From Jon Lansner at the O.C. Register on Orange County: Late-Sept. home prices at April ‘05 level

DataQuick’s latest sales update reveals a serious disruption to the O.C. housing market created by the mid-summer credit crunch. These new stats — for the 22 business days through Sept. 21 — show an O.C. median selling price of $590,000. If that held for the full month, that would be the lowest since April ‘05. ...

The sales activity news is no better with house buying through Sept. 21 off 36% vs. the ‘06 pace. If that pattern holds for the full month, September will be the slowest selling month since Jan. 1995 (and the second slowest in DataQuick’s 20-year record.)

I think this is how prices will be tracked - comparing the current prices to an earlier date.

Click on graph for larger image.

If we use the OFHEO house price index for Orange County, it would take a drop of 18% from the peak to reach Q2 2005 house prices. The OFHEO index probably excludes most transactions in Orange County because OFHEO only uses repeat transaction below the conforming limit.

DataQuick probably provides a better measure of house prices in Orange County.