OC Median Home Price on the Rise

According to the California Association of REALTORS®, the median price of an existing Orange County home (excluding condos) moved back above the $500,000 mark in September, while the pace of sales remained sluggish. The median price was $510,530, a nearly $11,000 or 2.2% increase from August, and a 2.8% increase from the prices homes here were selling at a year earlier. The area’s median sales price now is up about 21% from the recent bottom of the market, seen in January 2009. Prices are still off more than 31% from the peak of the market, when the median sales price for an OC home topped $747,000 in April 2007. The number of OC home sales in September was up 1.6% from a month earlier. Sales were down 10.4% from a year earlier. Including condos, the median price of an OC home sold in September was $445,000, a jump of more than $16,000 or 3.7% from a year earlier.