O.C. Home Prices Up for 2011

Orange County pricing unexpectedly went up in June 2011. The median selling price was $445k, up from $425k the previous month, and 9% for the year; according to DataQuick. The total number of sales were small in comparison; down 14% from June 2010. Last year buyers were frenzied by the HomeBuyer Tax credit. Builders of new homes saw increases in their sales too. Actually, new home sales were the best they have been since December 2007. Interest rates are on the rise, which might account for some buyers jumping off the fence and making purchases.