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O.C.'s median home price rises over the month and year
The number hit $517,620 in June, says California Association of Realtors.
By Kristen SchottPublished: July 22, 2010 02:06 PM
Courtesy of FotoliaOrange County's median home price rose to $517,620 in June, up 6 percent from the same time last year and 2.3 percent from May, according to stats released by the California Association of Realtors.
The number also is up 22.3 percent from the bottom of the market, which was recorded in January 2009 when the price fell to $423,100.
However, the median is still 30.7 percent below the market's peak price of $747,260, seen in April 2007, according to C.A.R., which relies on MLS information for its data.
But that's good news for homebuyers, according to C.A.R. President Steve Goddard.
"It's important to keep in mind that home prices are substantially below their peaks and interest rates remain at historic lows, making this a very affordable time for many first-time buyers to purchase a home of their own," he said.
Sales in Orange County rose 6.4 percent over the year, though they fell 2.5 percent from May.
Statewide, the median home price rose to $311,950, up 13.6 percent from June 2009, though the number did fall 3.8 percent from May. Additionally, sales fell 4.2 percent from June 2009 and 11.1 percent from May.
Meanwhile, a separate report conducted by C.A.R. and DataQuick, which uses county records data for its stats, shows that Orange County's median rose 6.4 percent over the year to $442,000.
Additionally, Laguna Beach and Newport Beach were listed among the top 10 cities statewide with the highest medians, with $1.2 million and $1.1 million price tags, respectively. Newport Beach also ranked among the cities with the greatest price increases in June, compared to the same time last year. The municipality saw a 52 percent jump in the period.
Related headlines
Construction on O.C.'s tallest building is set to move forward
Orange County High School of the Arts buys OC Pavilion
O.C. property-development firms honored with Gold Nugget Awards
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Courtesy of Fotolia The number also is up 22.3 percent from the bottom of the market, which was recorded in January 2009 when the price fell to $423,100. However, the median is still 30.7 percent below the market's peak price of $747,260, seen in April 2007, according to C.A.R., which relies on MLS information for its data. But that's good news for homebuyers, according to C.A.R. President Steve Goddard. "It's important to keep in mind that home prices are substantially below their peaks and interest rates remain at historic lows, making this a very affordable time for many first-time buyers to purchase a home of their own," he said. Sales in Orange County rose 6.4 percent over the year, though they fell 2.5 percent from May. Statewide, the median home price rose to $311,950, up 13.6 percent from June 2009, though the number did fall 3.8 percent from May. Additionally, sales fell 4.2 percent from June 2009 and 11.1 percent from May. Meanwhile, a separate report conducted by C.A.R. and DataQuick, which uses county records data for its stats, shows that Orange County's median rose 6.4 percent over the year to $442,000. Additionally, Laguna Beach and Newport Beach were listed among the top 10 cities statewide with the highest medians, with $1.2 million and $1.1 million price tags, respectively. Newport Beach also ranked among the cities with the greatest price increases in June, compared to the same time last year. The municipality saw a 52 percent jump in the period. Related headlines Construction on O.C.'s tallest building is set to move forward Orange County High School of the Arts buys OC Pavilion O.C. property-development firms honored with Gold Nugget Awards |
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