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October sees a rise of $7,500 in home prices
The median home prices of Orange County saw their sixth month of continuous monthly rise, even though sales declined amongst a dwindling supply of homes. Canada’s Macdonald Detwiller unit, San Diego-based MDA DataQuick has verified that there has been an increase from September in the median prices by 1.7% or $7,500 with the new median price being $436,500. Since summer 2008, the prices are at their highest levels, registering a 4% increase.
MDA DataQuick has analyzed that in October, sales were down 1% from September whilst on the annual scale, sales dwindled by 1.2% figuring at 2,800. Southern California has also experienced a 6.7% drop from a year earlier. From September to October, the median prices have increased by $5,000 settling down at $280,000. San Diego, which posted a 0.5% increase and OC were the only two Southland counties which saw an annual increase in median sale prices.
The federally insured loans accounted for 26% of the deals in October in OC making the Southland County with the lowest number of deals completed using the FHA loans. October saw an increase of 2.8% from last year in Southland County.
Foreclosure sales which occurred at some point in the prior year were down from a high of 57% in February. They have remained flat from a month earlier. They made up 41% of all sales in Southland County last month.