Orange County’s median home price inched up $5,000 in February, the first month-over-month increase in prices seen here since last June.
The median price of an OC home was $375,000 in February, a nearly 1.4% increase from January, according to La Jolla-based DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates.
Median prices here are down about 28% from a year earlier and are off nearly 42% from their all-time high in June 2007.
Sales continue to increase from a year earlier, driven by discounted sales of foreclosed homes and short sales in more affordable areas of the county, according to DataQuick.
Sales in the county increased 28% from a year earlier, with 1,879 sales in February. Sales here were up 4% from January’s totals.
The median price of a Southern California home was $250,000 in February, unchanged from January’s price and a 39% decrease from a year ago. Southland sales in February were up 41% from a year ago.
Foreclosure resales,where a foreclosure had occurred at some point in the prior year,made up about 56% of all Southland sales last month. Jumbo loans of more than $417,000 made up just 10% of sales in February.
