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Home Prices Rise Nearly $8,000 in August

Orange County’s median home price increased by nearly $8,000 in August from July, as sales of lower-priced foreclosures here and across the Southland continued to decline.

The median price of an OC home was $427,750 in August, according to San Diego-based MDA DataQuick, a unit of Canada’s MacDonald Dettwiler and Associates.

August’s median sale price is the highest OC’s seen in 10 months.

Median prices here still are down about 3% from a year earlier and are off more than 30% from their all-time high in June 2007.

August sales totals in OC fell about 3% from July, but were up nearly 3% from a year earlier.

The median price of a Southern California home was $275,000 in August, a 2.6% increase from July but a nearly 17% decline from a year earlier, MDA DataQuick reported. The median peaked at $505,000 in mid-2007.

It was the fourth straight month-to-month gain for median home prices in the Southland, aided largely by a shift in the mix of homes being sold.

Southland sales totals in August declined about 11% from July levels, due to a thinning inventory of foreclosures and lingering financial uncertainty among potential home buyers, MDA DataQuick reported.

Foreclosure sales,where a foreclosure had occurred at some point in the prior year,made up about 39% of all Southland sales last month, down from 43% the month prior and a high of 57% in February.

Southland sales totals in August were up 11% from a year ago.

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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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