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Median home price rises year over year in county
However, the number fell slightly from March, says C.A.R.
By Kristen SchottPublished: May 24, 2010 02:26 PM
Courtesy of FotoliaOrange County's median home price popped 13.7 percent in April, compared to the same time last year, according to a new report from the California Association of Realtors. The number rose to $491,120, up from $432,110 in the same month last year.
However, the median fell 0.4 percent from March, when the number hit $493,120.
Statewide, C.A.R., which bases its figures on Multiple Listing Service data, is reporting that the median home price rose 21 percent to $306,230 in April, compared to the same time last year. The number was $253,110 in 2009. The price also increased 1.5 percent from March.
Orange County saw a 15.2 percent uptick in sales in April, compared to the same time last year. Again, C.A.R. is reporting that the number fell 1.4 percent from March. Statewide, sales dropped 8.1 percent from April 2009 and 6.4 percent from March.
“It’s likely that the state tax credit that went into effect May 1 created an incentive for many buyers to postpone closing escrow so they could take advantage of both the state and federal tax credits that were available,” said C.A.R. President Steve Goddard. “We should see the pace of closed sales edge up in May and June as these tax-incentivized transactions close."
In a separate report conducted by C.A.R. and DataQuick, which uses county records data to compile its figures, Orange County's median home price rose 13.2 percent in April, compared to the same time last year. The number hit $430,000 last month, up from $380,000 in April 2009.
Tustin, which saw a median price of $455,500, was among the cities statewide with the largest year-over-year increases, according to the report. The region reported a 31.6 percent pop, compared to the same time in 2009.
Laguna Beach and Newport Beach were among the top 10 cities with the highest medians in April. Laguna Beach's price hit about $1.1 million, and Newport Beach's was roughly $1 million. The priciest in the state? Manhattan Beach, which saw a median home price of nearly $1.6 million.
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Orange County's median home price rises in April
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Courtesy of Fotolia However, the median fell 0.4 percent from March, when the number hit $493,120. Statewide, C.A.R., which bases its figures on Multiple Listing Service data, is reporting that the median home price rose 21 percent to $306,230 in April, compared to the same time last year. The number was $253,110 in 2009. The price also increased 1.5 percent from March. Orange County saw a 15.2 percent uptick in sales in April, compared to the same time last year. Again, C.A.R. is reporting that the number fell 1.4 percent from March. Statewide, sales dropped 8.1 percent from April 2009 and 6.4 percent from March. “It’s likely that the state tax credit that went into effect May 1 created an incentive for many buyers to postpone closing escrow so they could take advantage of both the state and federal tax credits that were available,” said C.A.R. President Steve Goddard. “We should see the pace of closed sales edge up in May and June as these tax-incentivized transactions close." In a separate report conducted by C.A.R. and DataQuick, which uses county records data to compile its figures, Orange County's median home price rose 13.2 percent in April, compared to the same time last year. The number hit $430,000 last month, up from $380,000 in April 2009. Tustin, which saw a median price of $455,500, was among the cities statewide with the largest year-over-year increases, according to the report. The region reported a 31.6 percent pop, compared to the same time in 2009. Laguna Beach and Newport Beach were among the top 10 cities with the highest medians in April. Laguna Beach's price hit about $1.1 million, and Newport Beach's was roughly $1 million. The priciest in the state? Manhattan Beach, which saw a median home price of nearly $1.6 million. Related headlines Orange County's median home price rises in April Foreclosures, housing demand strong in O.C. Lennar ramps up for grand opening of Central Park West in Irvine |
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