Home sales in Orange County fell by the largest amount in more than two years in July as federal tax credits for buyers ran out, but the median price for a residence in the region rose over the same time last year, according to stats released by San Diego-based MDA DataQuick.
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Home sales declined 19.2 percent to 2,527 in July, down from 3,128 at the same time last year. The number also dropped from 3,423 in June, when sales hit their highest level in the month since 2006.
For the entire Southern California region, which includes Orange, L.A., San Diego, Riverside, San Bernardino and Ventura, sales also saw their largest year-over-year drop in more than two years, according to MDA DataQuick. A total of 18,946 homes were sold, down 21.4 percent from 24,104 in July 2009. The number also fell from 23,871 in June.
“It appears some of the sales that normally would have occurred in July were instead tugged into June or even May as buyers tried to take advantage of the expiring tax credits," said John Walsh, president of MDA DataQuick. "Some of last month’s underlying technical numbers were largely flat, indicating that the market is treading water."
Meanwhile, Orange County's median home price jumped 7.1 percent in July over the same period in 2009, marking the 11th straight month of yearly gains. The number hit $450,000, up from $420,000 a year earlier. The median also rose slightly from $445,000 in June.
For the entire Southern California region, the median home price increased 10.1 percent in July to $295,000, up from $268,000 in 2009. However, the number dropped from June.
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