The price of an existing Orange County home fell 3.5% from November to December, while sales continued to be impacted by the liquidity crunch, the California Association of Realtors said on Tuesday.
The median price for an existing standalone OC home sold in December was $638,390, a $23,190 drop from a month ago. Prices in the county now are down 7.9% from a year earlier.
The realtor association excludes condominiums from its figures.
Including condos, the median price of an OC home was $565,000 in December, according to La Jolla-based market tracker DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates. That’s down 10.3% from a year ago, and is a 12.4% decrease from Orange County’s record high, set in June.
Borrowers continue to have difficulty securing financing for loans above the conforming loan limit of $417,000, according to the California Association of Realtors.
Sales in the county were up 14% in December from a month ago, but were still down 32% from a year ago.
The statewide median price of an existing California home was $475,460 in December, a 16.5% decrease from a year ago, and a 2.9% decrease from a month ago, the association said.
Statewide sales were down 33.4% in December from a year ago.
