Real Estate

OC Home Prices Increase Nearly $12,000 in June

From the Orange County Business Journal by Mark Mueller, Thursday, July 22, 2010

The median price of an existing Orange County home increased by nearly $12,000 in June from May, the second straight month the area’s seen price increases of more than $10,000, the California Association of Realtors said Thursday.

The median price for an existing stand-alone OC home sold in June was $517,620, a 2.3% increase from a month ago and a 6% jump in median pricing from a year ago.

The area’s median sales price now is up 22.3% from the recent bottom of the market, seen in January 2009.

Prices here are still off more than 30% from the peak of the market, when the median sales price for an OC home topped $747,000 in April 2007.

The number of sales here fell by 2.5% from a month earlier, but were up 6.4% from the volumes seen a year ago, the Realtor association said.

The association excludes condominiums from its figures.

Including condos, the median price of an OC home sold in June was $445,000, a $5,000 decline from a month ago, but a $27,000 or 6.5% increase from year-ago levels, according to San Diego-based MDA DataQuick, a unit of Canada’s MacDonald, Dettwiler and Associates.

The median sales price of an existing home in California was $311,950 in June, about a 4% decrease from May but a 13.6% increase from a year ago, according to the Realtor association.

Statewide median prices are up about 27% from the bottom of the market, but still stand more than 47% below the peak mid-2007 median price of $594,530

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