Orange County home prices increased for a fifth straight month in June, climbing to $545,000, DataQuick Information Systems reported Wednesday.
The median home price – or price at the midpoint of all sales – was up 20.3 percent from the same month a year earlier, and rose $5,000, or 1 percent, from May.
June’s price was the highest for Orange County since the housing market collapsed in late 2007.
Home sales stalled last month, however. Last month’s tally of 3,350 transactions was one unit less than the number of homes sold in June 2012. Resales of existing homes fell 1 percent to 3,070 units, while sales of newly built residences rose 12 percent to 280.
DataQuick figures show also:
- The median price of an existing house was $610,000, up 18.4 percent from June 2012 levels.
- The median price of an existing condo was $384,000, up 30.2 percent.
- New home prices (houses and condos) rose 10.2 percent to $681,000.
Home prices have recovered 64 percent of the ground lost during the market crash. Prices fell $275,000 from June 2007’s price peak of $645,000 to a January 2009 low of $370,000.
Nonetheless, last month’s median remained $100,000, or 16 percent, below the high hit at the peak of the price bubble.
The trend reflected in DataQuick’s numbers was similar to what the California Association of Realtors reported Wednesday for existing house sales and prices. CAR reported that the median house price was up 16.5 percent, but sales dipped 0.5 percent.
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