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O.C.'s median home price climbs in February
The number reached $482,700 last month, up 11.3 percent from 2009, says California Association of Realtors.
By Kristen SchottPublished: March 23, 2010 11:23 AM
Courtesy of FotoliaOrange County's median home price rose to $482,700 in February, up 11.3 percent from the same time last year, according to a new report from the California Association of Realtors.
The number only increased 0.4 percent from January, which saw a median of $480,790.
Sales in the region jumped 5.2 percent last month, compared to the same time last year. They also increased nearly 3 percent from January.
Statewide, home sales declined 11.7 percent, compared to February 2009. They also fell slightly from January.
“The federal tax credit for homebuyers, low mortgage rates and affordability at record levels have contributed to an unprecedented opportunity for many first-timers in the market for a home of their own,” says C.A.R. President Steve Goddard. “Although sales have declined from the unusually strong levels we experienced a year ago, they’ve remained above the 500,000 unit threshold for 18 consecutive months."
He says that home prices also continue to "firm" in areas that are attractive to buyers seeking to take advantage of today's market.
The organization, which bases its information on MLS data, is reporting that the statewide median also saw an uptick in February. The number rose 14.1 percent in the period to $279,840, though it fell from January.
In a separate report generated by C.A.R. and DataQuick, which generates its information from county records instead of MLS data, Orange County's median was $415,000 in the period, up 10.7 percent from the same time last year.
The city of La Habra, which saw its median jump 35.9 percent, was ranked No. 3 among the areas in the state that saw the largest increases in February. No. 1 on the list? Banning, with a 44.4 percent spike.
What's more, Newport Beach's $1 million price tag for a home ranked No. 1 among the 10 cities statewide with the highest medians.
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Courtesy of Fotolia The number only increased 0.4 percent from January, which saw a median of $480,790. Sales in the region jumped 5.2 percent last month, compared to the same time last year. They also increased nearly 3 percent from January. Statewide, home sales declined 11.7 percent, compared to February 2009. They also fell slightly from January. “The federal tax credit for homebuyers, low mortgage rates and affordability at record levels have contributed to an unprecedented opportunity for many first-timers in the market for a home of their own,” says C.A.R. President Steve Goddard. “Although sales have declined from the unusually strong levels we experienced a year ago, they’ve remained above the 500,000 unit threshold for 18 consecutive months." He says that home prices also continue to "firm" in areas that are attractive to buyers seeking to take advantage of today's market. The organization, which bases its information on MLS data, is reporting that the statewide median also saw an uptick in February. The number rose 14.1 percent in the period to $279,840, though it fell from January. In a separate report generated by C.A.R. and DataQuick, which generates its information from county records instead of MLS data, Orange County's median was $415,000 in the period, up 10.7 percent from the same time last year. The city of La Habra, which saw its median jump 35.9 percent, was ranked No. 3 among the areas in the state that saw the largest increases in February. No. 1 on the list? Banning, with a 44.4 percent spike. What's more, Newport Beach's $1 million price tag for a home ranked No. 1 among the 10 cities statewide with the highest medians. Related headlines Greencrossing Real Estate launches land-banking fund Four Strand at Headlands homes head to auction in April Newport Beach real estate investment firm purchases Phoenix hotel |
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