The median home prices dropped $15,000 from August in Orange County, in the month of September. And, as a result sales volumes continued to increase over year- ago levels.

Last month, the median price of an Orange County home was $425,000, and if we compare the price of August, it was a 3.4 percent decline from that. In August, the median home price was $440,000. Now, the county’s home prices are off $145,000 or 25 percent from a year ago and about 34 percent from June 2007, that which was county’s all-time high prices.

The county witnessed sale of 2,667 homes in September, which was up 62 percent from previous year’s record-low levels. But, sales volume was down about 2 percent from August. Foreclosure resales accounted for 37 percent of the county’s total sales in last month.

In the same month, the median price of a Southern California home was $308,500, a 33 percent drop from a year ago and 6.5 percent from August. The total sales in Southland were up 65 percent from a year ago. Reportedly, foreclosed home sales accounted half of all Southland sales in September.

This entry was posted on Wednesday, October 22nd, 2008 at 7:01 am and is filed under Venture Capital News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.