Orange County’s median home price inched up $5000 in February, which saw the first month over month increase in prices since June of last year. The median price in O.C. was $375,000, a nearly 1.4% rise from January, according to DataQuick Information Systems. Median prices overall are down 28% from a year earlier, and are off nearly 42% from their all time high in June 2007.
Sales continue to increase, driven mainly by discounted sales of foreclosed homes and short sales. O.C. sales rose 28% from last year, and 4% from January’s performance. County wide there were 1,879 sales in February.
The median price in Southern California was $250,000 in February, which was unchanged from January, and a 39% decrease from a year ago. Southland sales in February were up 41% from a year ago. The market could be signaling the beginning of a recovery, but it is too early to say with any certainty.
Foreclosure resales, where a foreclosure had occurred at some point in the prior year, made up about 56% of all Southland sales in February. Jumbo loans of more than $417,000 made up just 10% of sales in February.
Sales continue to increase, driven mainly by discounted sales of foreclosed homes and short sales. O.C. sales rose 28% from last year, and 4% from January’s performance. County wide there were 1,879 sales in February.
The median price in Southern California was $250,000 in February, which was unchanged from January, and a 39% decrease from a year ago. Southland sales in February were up 41% from a year ago. The market could be signaling the beginning of a recovery, but it is too early to say with any certainty.
Foreclosure resales, where a foreclosure had occurred at some point in the prior year, made up about 56% of all Southland sales in February. Jumbo loans of more than $417,000 made up just 10% of sales in February.
