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O.C.'s median home price falls to $488,020

Sales also dropped over the month, year, says California Association of Realtors.

By OC METRO staffPublished: November 23, 2010 02:55 PM

Orange County's median home price and sales numbers both took a dip in October, according to a new report from the California Association of Realtors, which relies on MLS information for its data.

The county's median home price was $488,020 last month, down 4.4 percent from September. The number also fell 0.5 percent from October 2009. The report comes about a week after MDA DataQuick – which relies on county records data for its stats – released its study. That report showed that the region's median was $438,000 in October.

Statewide, the median home price was $304,220 in October, down 1.8 percent from September. However, the number rose 2.3 percent from the same time last year, according to the C.A.R.

“We’re really seeing two different housing markets – one at the lower-end driven by first-time buyers and investors, which is keeping prices stable, and one with nostalgic sellers who set unrealistic asking prices,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Sellers need to consider current market conditions when pricing their home in order to facilitate a shorter time on the market."

In terms of local sales, numbers fell 6.4 percent from September and 16.1 percent from October 2009. The DataQuick report, on the other hand, showed that sales fell 8.9 percent from September and 17.9 percent from October 2009.

Statewide, sales dropped 3.5 percent between October and September, according to C.A.R. Numbers declined 19.6 percent over the year.

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