The price of an existing Orange County home jumped by nearly $12,000 in July from a month earlier, the California Association of Realtors said on Tuesday.
The median price for an existing stand-alone OC home sold in July was $500,210, a 2.4% increase from June, but a nearly 7% decline from a year earlier.
The county’s median price has increased by more than $60,000 since April. That’s due in large part to a shrinking amount of homes priced less than $500,000, and fewer distressed properties available for sale, according to the Realtor association.
Sales in OC were up 4% in July from June, and up 7% from a year earlier.
The Realtor association excludes condominiums from its figures.
Including condos, the median price of a home here was $420,000 in July, a 9% drop from a year ago, according to San Diego-based MDA DataQuick, a unit of Canada’s MacDonald Dettwiler and Associates.
The median price of an existing home in California was $285,480 in July, a 4% increase from June but still a 20% decline from a year ago, according to the Realtor association.
Statewide prices are still 20% below the median prices seen a year ago.
Statewide sales in July increased 12% from a year earlier, and were up 8% from June.
