The price of an existing Orange County home jumped by $14,000 in June from a month earlier, the California Association of Realtors said on Monday.
The median price for an existing stand-alone OC home sold in June was $488,320, a 3% increase from May, but still a 15% decrease from a year earlier.
OC’s median price has increased by more than $50,000 since April. That’s due in large part to a shrinking amount of inventory at the lower end of the market, which is resulting in multiple bids for those distressed properties, according to the Realtor association.
The Realtor association excludes condominiums from its figures.
Including condos, the median price of an OC home was $470,000 in June, an 11% decrease from a year ago, according to La Jolla-based DataQuick Information Systems Inc., a unit of Canada’s MacDonald Dettwiler and Associates Ltd.
June’s pricing trends in OC mirror that of the state as a whole. The median price of an existing home in California was $274,740 in June, a 4% increase from May.
Statewide prices are still 26% below the median prices seen a year ago.
Sales in OC were up 8.5% in June from May, and up 18% from a year earlier, according to the Realtor association.
Statewide sales in June increased 20% from a year earlier, but were off 6% from May.
