The median price for an Orange County home returned to record territory with the first monthly high since June 2006, DataQuick Information Systems reported today.
June's median selling price for all residences was $645,000, or 0.4% above a year ago. (See how other O.C. home-price indexes have fared by The previous record was $642,500 set in June 2006.
But don't interpret the new high to be a sign the housing downturn has bottomed out and started to recover, said DataQuick number cruncher Andrew LePage.
Sales fell to 2,641 homes sold, or 31.6% below a year ago. It's the slowest-selling June in the 20 years DataQuick has tracked the market, and it follows the worst May on their books as well. The old bottom was 3,364 in June 1995.
With nearly one-third fewer sales than a year ago -- and less than half the number than two years ago -- prices have been skewed slightly upward. The most likely cause is fewer starter homes selling as the market adjusts to tighter lending standards. Consider:
? The median price per square foot fell by more than 5% for both condos and houses being resold on the market in June.
? Sales drops were higher for condos (with lower median prices) than for single-family houses, pulling the median up.
? The average median price for the 41 O.C. ZIP codes with the biggest decline in sales volume last month was just over $625,000. The average median for the 41 ZIP codes where volume picked up the most was nearly $890,000, indicating that sales are better at the upper end of the price spectrum.
Here's how the June market fared by key market slices:
Slice | Price | Vs. '06 | Sales | Vs. '06 |
House | $734,000 | +4.9% | 1,668 | -30.4% |
Condo | $455,000 | -0.4% | 663 | -35.2% |
New* | $629,750 | -21.0% | 310 | -29.9% |
All | $645,000 | +0.4% | 2,641 | -31.6% |