Orange County Home Prices Hit 5 1/2 Year Low!

Dataquick's November stats show Orange County median home price are now at $400K...a 5 1/2 year low and a 34.4% decline year over year. These are prices not seen since May of '03! Single family OC homes dropped to a median of $420K and condos are now at a median of $260.5K.

On the positive side home sales popped up by almost 39%! This was mainly a result of banks dumping foreclosures on the market and bargain hunters and investors swooping in and buying these distressed properties.

This was the fifth straight month of home sales increasing on a year-over-year comparison. A good sign! If sales continue to increase this will gradually soak up the inventory....... that is, as long as foreclosures don't increase at a more rapid pace than we had in 2008.

If you want specific statistics about your city, please email me at brad@so-cal-dreamhomes.com and tell me what city you would like a report for.