Orange County’s median home price is at its lowest level since early 2004, after prices fell another $15,000 from April to May.
The median price of an OC home was $485,000 in May, according to La Jolla-based DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates.
Median prices here are down $150,000, or about 24%, from a year earlier. Last May’s $635,000 median price was only $10,000 off the record high for the county, set in June 2007.
Sales in OC were off 15% from a year earlier, with 2,266 home sales in May.
Sales,boosted in large part by the increase in discounted sales of foreclosed homes,were up about 5% from April’s levels.
The median price of a Southern California home was $370,000 in May, a $15,000 drop from April and a 27% decrease from a year ago.
Southland sales increased 8% from a month ago, but were off 15% from a year ago.
Foreclosed homes represented 37% of all Southland sales in May.
