Orange County’s median home price jumped $30,000 in May, thanks in large part to an increase in sales of more expensive homes and fewer foreclosure sales.
The median price of an Orange County home was $410,000 in May, a 7.8% increase from April, according to San Diego-based MDA DataQuick, a unit of Canada’s MacDonald Dettwiler and Associates.
May’s median sale price is the highest OC’s seen in seven months.
Despite the jump, median prices here still are down about 16% from a year earlier and are off about 35% from their all-time high in June 2007.
May sales totals in OC rose about 5% from April, and were up nearly 18% from a year ago.
The median price of a Southern California home was $249,000 in May, a $2,000 increase from April but a 33% decline from a year ago, DataQuick reported on Wednesday.
Sales of homes costing more than $500,000 helped boost the median price, along with a dwindling number of foreclosures available for sale as of late, DataQuick said.
Foreclosure sales where a foreclosure had occurred at some point in the prior year made up about 50% of all Southland sales last month, down from a high of 57% last October.
Southland sales totals in May were up 23% from a year ago. It was the 11th consecutive month of increased year-over-year sales.
