Median Home Price Rises, Off $150,000 from Peak
By Mark Mueller
Orange County Business Journal Staff
Orange County's median home price increased $10,000 in June from May, the first time prices here have gone up since November.
The median price of an OC home was $495,000 in June, according to La Jolla-based DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates.
Median prices here are down $150,000, or about 23%, from a year earlier. Last June’s $645,000 median price was the record high for the county.
Sales were off 27% from a year earlier, with 1,930 homes sold in June. Sales were off 15% from May.
The median price of a Southern California home was $355,000 in June, a $15,000 drop from May and a 29% decrease from a year ago.
Southland sales in June were off 14% from a year ago, but up 3% from May.
Foreclosed homes represented 41% of all Southland sales in June. Jumbo loans made up only 16% of home loans in June, compared to 40% a year ago.