According to the Orange County Register, sales of newly-built homes in Orange County soared for two years. Then sales dropped.
Among the counties in Southern California, only Orange and San Diego counties had new-home sales declines. Orange County stood out for having an unbroken downward streak from November 2014 through September.
Experts speculate that new home prices may have gotten too high, and that Orange County builders may be victims of their own success. “Some new housing projects sold out more quickly than expected in 2014, leaving builders with fewer homes to sell this year,” The Orange County Register reports.
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