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Home Prices Rise $7,500 in October in Orange County (CA)

November 18th, 2009 9:43 PM by Lehel S.

Home Prices Rise $7,500 in October

Orange County Business Journal Staff

Orange County’s median home price saw its sixth consecutive month of month-over-month increases, although sales declined amid a shrinking supply of homes.

The median price of a home sold here in October was $436,500, a 1.7%, or $7,500, increase from September, according to San Diego-based MDA DataQuick, a unit of Canada’s MacDonald Dettwiler and Associates.

Prices are up nearly 4% from a year earlier and are at their highest levels since summer 2008.

Sales in OC declined 1.2% from a year earlier, with 2,800 sales in October. Sales were slightly down less than 1% from September’s levels, according to MDA DataQuick.

The median price of a Southern California home was $280,000 in October, a 6.7% drop from a year earlier. Prices were up $5,000 from September.

OC was one of only two Southland counties to see a year-over-year increase in median sales prices, with San Diego posting a 0.5% increase.

OC also saw the lowest amount of deals completed using FHA loans of any Southland county, with 26% of deals in October using the federally-insured loans.

Southland sales totals in October were up 2.8% from a year earlier.

Foreclosure sales—where a foreclosure had occurred at some point in the prior year—made up about 41% of all Southland sales last month, flat from a month earlier but down from a high of 57% seen this February.

Posted in:General
Posted by Lehel S. on November 18th, 2009 9:43 PM

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