Orange County’s median home price remained unchanged in February from January, stopping the bleeding that has seen prices here fall $125,000 from the market’s June 2007 peak.
The median price of an Orange County home was $520,000 in February, according to La Jolla-based DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates.
Median prices here are down $100,000, or 16%, from a year ago, and are off 19% from Orange County’s record high of $645,000, set last June.
Sales in Orange County were off 40% from a year earlier, with 1,471 home sales in February. Sales were up 14% from January’s modest levels.
Across Southern California, it was the slowest February ever for home sales as market uncertainty and credit constraints dominated proceedings, according to DataQuick.
The 10,777 sales seen across the Southland is a 39% drop from year-ago levels. Most sales are taking place in areas seeing a heavy dose of foreclosures, where price cuts are the largest, DataQuick said.
The median price of a Southern California home was $408,000 in February, a 17.6% decrease from a year ago. It’s the lowest level seen since October 2004.
