The price of an existing Orange County home inched back below the $500,000 mark in August, the California Association of Realtors said on Friday.
The median price for an existing stand-alone OC home sold in August was $499,440, about an $800 drop from July and a 2.3% decline from a year earlier.
Last month’s modest decline reversed a rally that had seen the county’s median price increase by more than $60,000 since April, thanks in large part to an influx of first-time buyers and a decrease in distressed properties available for sale, the association said.
Sales in OC were down about 9% in August from July, but they were up 6% from a year earlier.
The association excludes condominiums from its figures.
Including condos, the median price of a home here was $427,750 in August, an $8,000 month-over-month increase but a 3% 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 $292,960 in August, a 2.6% increase from July but still a 17% decline from a year ago, according to the Realtor association.
It was the sixth straight month the statewide median price has increased.
Statewide sales in August increased 9% from a year earlier but were down 5% from July.
