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RESIDENTIAL HOUSING INDUSTRY NEWS
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O.C.'s median home price is unchanged in August

But sales fell 11.2 percent from the same time last year, says the California Association of Realtors.

By OC METRO staffPublished: September 22, 2010 02:07 PM

Courtesy of Fotolia
The median price for a home in Orange County was unchanged in August, though sales slid from the same time last year, according to a new report from the California Association of Realtors, which relies on MLS information for its data.

The region's median home price was $499,580, down 2.8 percent from July and 33.1 percent off its peak, which was recorded in April 2007.

But, the number has risen 18.1 percent after hitting the bottom in January of last year.

Statewide, the median home price posted its 10th consecutive year-over-year gain, according to C.A.R. The number rose to $318,660, up 8.6 percent from August 2009. The number also increased 1.2 percent from July.

Meanwhile, home sales in Orange County declined 11.2 percent from August 2009 and 7.3 percent from July.

Statewide, sales fell 14.9 percent last month, compared to the same time in 2009, though they increased 1.8 percent from July.

“Buyers who are holding out should consider the opportunities in today’s market,” said C.A.R. President Steve Goddard. “Favorable home prices and interest rates at or near historic lows make housing affordability the best in recent memory."

In a separate report conducted by C.A.R. and DataQuick, which uses county records data for its stats, Orange County's median home price rose to $439,000 in August, up 3.3 percent compared to the same time last year. And, Placentia and Lake Forest ranked among the top 10 areas statewide that saw the largest price gains from the same time last year. Placentia came in at No. 4 with a 26.1 percent spike, while Lake Forest was listed at No. 8 with a 21.3 percent increase.

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Readers Feedback:

I think that we will see an overall decrease in home prices as more buyers are concerned with the economy. The median price is a poor gauge of how teh real estate market is doing overall. Right now I see buyers making lower offers on homes. Other reports have showed that more and more homes are having price reductions. The reflects that fact that there are fewer buyers now than there were 8 months ago. -Aaron Zapata
Comment at 9/22/2010