Orange County’s median home price fell another $20,000 to $400,000 in November, the lowest price the area’s seen in more than five years.
The median price of an OC home was $400,000 in November, a 4.8% decline from October, according to La Jolla-based DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates.
Median prices here are down about 31% from a year earlier and are off 38% from their all-time high in June 2007. Prices in the county haven’t been this low since May 2003.
Sales volumes in OC increased 39% from a year earlier, with 2,177 home sales in November. Sales here were down 23% from October’s totals.
Foreclosure resales,where a foreclosure had occurred at some point in the prior year,were 44% of the county’s total sales in November, according to DataQuick. That’s up from 39% in October.
The median price of a Southern California home was $285,000 in November, a 5% drop from October and a 35% decrease from a year ago.
Southland sales in November were up 27% from a year ago. Foreclosed homes represented about 55% of all Southland sales in November, compared to about 19% a year ago.
