Orange County home prices held at post-recession highs last month despite rising numbers of homes for sale, new housing numbers show.
The median price of an Orange County home – or price at the midpoint of all sales – was $550,000 in September, DataQuick Information Systems reported Wednesday.
That’s down $10,000 from August’s median, but is up 22 percent from September 2012 – and the second-highest median Orange County has seen since the housing bubble burst in late 2007.
Last month’s home sales were up 8.9 percent year-over-year to 2,916 transactions. While well below the busy spring and summer season, closed deals last month hit a seven-year high for a September.
Meanwhile, the number of homes for sale increased for a sixth consecutive month, reducing the competition among buyers somewhat.
Orange County had 6,350 homes listed for sale in the Realtor-run multiple listing service sale earlier this month, compared with 4,199 a year earlier, according to Steve Thomas ofReportsOnHousing.com.
“After a year-and-a-half, the market is a little less crazy right now,” Thomas said in his latest market report this week. “The bad news: With higher interest rates and massive appreciation, the payment for the median-priced home skyrocketed by 33 percent.”
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Thomas estimated that the combined increase in home prices and interest rates boosted the typical Orange County home’s mortgage payment by $506 a month over the past year.
Orange County’s strong September showing was emblematic of the market throughout Southern California.
Home price appreciation in the region ranged from 18.7 percent in Ventura County to 32.4 percent in San Bernardino County, DataQuick figures show. Sales were up as well in all six Southern California counties, although Ventura’s sales tally was up by a mere two homes.
Regionwide, the median price of a Southern California home was up 21.3 percent to $382,000 last month, DataQuick reported. September sales were up 7 percent to 19,112 transactions.