Prices of detached homes in Orange County fell nearly 2% in August from a month earlier, and now stand below the prices seen a year ago, the California Association of Realtors said Monday.
The median price for a detached home sold in August was $698,080, down 1.8% from July, according to the association.
The record median high for the county was $729,370, set in April. August’s median sales price was down 2.5% from a year earlier.
The pace of OC home sales continued to show softness, falling 32.4% from a year ago. It’s the third straight month of year-over-year sales dropping more than 30%.
August’s sales of detached homes in the county did show a month-to-month improvement, with volumes rising 5.2% from July’s totals.
The realtor association excludes condominium sales from its figures.
Including condos, the median price of a home sold in OC was $633,000 in August, down from the county’s record high of $646,000, set in June, according to La Jolla-based market tracker DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates.
The statewide August median price of a detached California home was $576,360, a 1.7% increase from July, and an increase of 1.6% from a year ago, the California Association of Realtors said.
Statewide sales were down 30.1% in August from a year ago, the biggest year-over-year drop since August 1982.
The median number of days it took to sell a single family home in California was 52 days in July, an increase of three days from a month ago, and up 23 days from a year ago.
Among OC cities, Newport Beach was the fourth-priciest city in the state in July, at an average of $1.3 million per sale.
