Orange County’s median home price fell under $400,000 in December, the lowest price the area’s seen since mid-2003.
The median price of an OC home was $397,000 in December, a $3,000 decline from November, according to La Jolla-based DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates.
Median prices here are down about 30% from a year earlier and are off more than 38% from their all-time high in June 2007. Prices in the county haven’t been this low since April 2003.
Prices are down, but sales continue to increase over year-ago levels. Sales volumes in OC increased 49% from a year earlier, with 2,580 home sales in December. Sales here were up 19% from November’s totals.
The median price of a Southern California home was $278,000 in November, a 2% drop from November and a 35% decrease from a year ago. Southland prices are now off 45% from their mid-2007 peak.
Southland sales in December were up 50% from a year ago.
Foreclosure resales,where a foreclosure had occurred at some point in the prior year,were 56% of the Southern California’s total sales in December, according to DataQuick. That’s up from 24% a year ago.
