Market Trends

OC Home Prices Edge Down Slightly in April

From the Orange County Business Journal by Mark Mueller

Orange County’s median home price edged down $2,000 in April from March, but still stands $50,000 higher than the prices seen here a year ago.

The median price of a home sold here in April was $430,000, a less than 1% drop from a month earlier, according to San Diego-based MDA DataQuick, a unit of Canada’s MacDonald Dettwiler and Associates.

Median home prices are now about 13% higher than they were a year ago, but still are off nearly 33% from their highest level, seen in mid-2007.

The median price of a Southern California home was $285,000 in April, the same as in March. Prices are up nearly 15% from a year ago, MDA DataQuick reported. The median price for a Southland home peaked at $505,000 in mid-2007. There were 20,299 home sales in April in Southern California, a roughly 1% drop from both a year ago and a month ago.

There were 2,669 sales in OC in April, flat from a month ago but up nearly 12% from a year earlier.

OC’s April sales saw the largest year-over-year increase of any Southland county.

Southern California sales activity migrated slightly from bargain inland areas to entry- and mid-level areas closer to the coast during April, according to MDA DataQuick.

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