July 16th, 2010 3:51 PM by Lehel S.
By Mark Mueller
Tuesday, July 13, 2010
Orange County’s median home price slipped $5,000 in June from May despite seeing an uptick in sales, thanks in part to buyers taking advantage of a federal tax break that was set to expire this month.
The median price for an OC home was $445,000 in June, about a 1% dip from a month ago, according to San Diego-based MDA DataQuick, a unit of Canada’s MacDonald Dettwiler and Associates.
The median price here now stands about $27,000 or 6.5% higher from a year earlier, but still is about $200,000 or 31% below OC’s highest median price, set in the summer of 2007.
Sales in OC were up 15.7% from June 2009 with 3,423 homes sold last month. There were 166 more OC sales in June than in May.
For all of Southern California, the median price for a home was $300,000 last month, down 1.6% from May’s prices but up 13.2% from a year ago.
Southland sales totaled 23,871 in June. That’s up 7.2% from May’s totals, and a 2.6% increase from a year ago.
Prospective buyers had been facing a June 30 deadline to take advantage of an $8,000 federal tax credit, which has since been extended to this fall.
Foreclosure resales accounted for a third of the Southland’s resale market last month. That’s down from a high rate of 56.7%, set in early 2009, according to MDA DataQuick’s figures.