Orange County’s median home price last month saw its first yearly increase since August 2007.
The median price of a home sold here in September was $429,000, a 1% increase from a year earlier, according to San Diego-based MDA DataQuick, a unit of Canada’s MacDonald Dettwiler and Associates.
Prices inched up a little more than $1,000 from August. Median home prices still are down nearly a third from the peak of the market in June 2007.
The yearly gain in September is due in large part to a substantial market shift seen the past few months, with fewer lower-priced homes bought out of foreclosure and more sales in high-cost areas, according to MDA DataQuick.
There were 2,828 sales in OC in September, an increase of a little more than 1% from August and a 6% increase from a year earlier.
The median price of a Southern California home was $275,000 in September, the same as in August. Prices are down nearly 11% from a year ago, MDA DataQuick reported. The median peaked at $505,000 in mid-2007.
Southland sales totals in September were flat from August but up 5% from a year ago.
Foreclosure sales,where a foreclosure had occurred at some point in the prior year,made up about 40% of all Southland sales last month, down from 42% the month prior and a high of 57% in February.
