The median price of an existing Orange County home inched up nearly $2,000 in February from January, the California Association of Realtors said on Tuesday.
The median price for an existing stand-alone OC home sold in February was $482,700, a 0.4% increase from a month earlier and an 11% increase from a year earlier.
Last month’s uptick in prices followed a $15,000 drop in prices from December to January.
The number of local sales in February rose about 5% from a year earlier, and also were up about 3% from January, the Realtor association said.
The association excludes condominiums from its figures.
Including condos, the median price of an OC home sold in February was $417,000, an 11.2% increase from a year earlier, according to San Diego-based MDA DataQuick, a unit of Canada’s MacDonald, Dettwiler and Associates.
The median price of an existing home in California was $279,840 in February, a 2.4% decrease from January but about a 14% increase from a year ago, according to the Realtor association.
Sales of distressed homes to investors and first-time buyers drove much of the market for sales last month, according to the Realtor association.
There’s a 3.9 month supply of homes in the state that are priced less than $300,000, but a nearly 15 month supply of homes priced at $1 million or more.
Statewide sales in February decreased by 11.7% from a year earlier and were down 2.2% from January.
