It looks like Orange County home prices hit a bump,albeit a tiny one.
The median price of an existing OC home sold in June was $702,400, down 0.2% from May.
June’s median price was 6.8% higher than a year ago, the California Association of Realtors said Monday. Last year home prices were growing at double-digit rates versus 2003.
“It’s significant that you’re starting to see a deceleration in the rate of home price gains,” said Leslie Appleton-Young, chief economist at the California Association of Realtors. “Affordability issues are taking a bite out of the higher-end market and property taxes are another factor.”
The number of homes sold in Orange County jumped 17.2% in June compared to May was 10.2% higher than a year earlier. The association didn’t break out total sales for OC.
Overall, the median price for a home in California sold in June was $542,720, up 3.8% from May and 16% compared to June 2004.
Statewide, sales rose 6% to an annualized 656,310 compared to May and 3.6% from last year.
