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Thursday, Mar 28, 2024
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OC Home Prices Rebound in June; Off 23% from Year Ago

The price of an existing Orange County home rebounded by 7% in June from May, but remained far below its year-ago median price, the California Association of Realtors said on Friday.

The median price for an existing stand-alone OC home sold in June was $560,900, a $37,000 increase from a month ago. Prices had dropped $54,000 between April and May.

OC’s median home sales price is now down 22.5% from a year earlier.

OC’s home values held up better than the rest of the state in June. The median price of a California home was $368,250 in June, down 4.3% from May and 37.7% from a year ago.

The Realtor association excludes condominiums from its figures.

Including condos, the median price of an OC home was $495,000 in June, according to La Jolla-based DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates. That’s a decrease of $150,000, or 23%, from a year earlier.

Sales volumes in Orange County were down 4.1% in June from May, but up 18.1% from a year ago, according to the Realtor association.

Statewide sales in June were down less than 1% from a month ago, but up 17.5% from a year ago, driven by distressed sales of homes costing less than $500,000, the association said.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
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