The price of an existing Orange County detached home rose nearly $10,000 from May to June as higher-priced homes dominated dwindling sales.
The median price for an existing home sold here in June was $723,860, a 1.4% increase from a month ago, according to the California Association of Realtors. That follows a 4.4% drop in May. Prices in the county are flat from a year ago.
The pace of local home sales continues to fall. Orange County sales declined 22% from a year ago, though June’s totals were about 1% higher than in May.
The realtor association excludes condominiums from its figures.
Higher priced homes likely drove the median upward as sales slumped among mid- to lower-priced homes, in part because of more strict mortgage lending policies.
Including condos and newly built homes, the median price of an OC home hit a record high of $645,000 in June, a $10,000 increase from May, according to La Jolla-based market tracker DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates.
The statewide June median price of an existing detached California home was $594,260, a 0.2% increase from May, and a 3.2% increase from a year ago, the California Association of Realtors said.
Statewide sales were down 25% in June from a year ago. Riverside and San Bernardino took some of the biggest hits in June, with sales there down 50% from a year ago.
The median number of days it took to sell a single-family home in California was 51.7 in June, up 6.5 days from a year ago.
