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O.C. Home Prices Continue To Rise

Home prices in Orange County are still on track towards a full rebound, rising for the eighth straight month as of early October, according to the latest home buying report from real estate information provider DataQuick.

The median home price countywide is $432,000, up 2.9% from a year ago. Close to 3,000 homes were also sold in the 22-day period ending October 6th, an increase of 3.5% from the same period last year.

While the median home price is still 33% below the peak in June 2007-when homes old for an average of $645,000-the weekly average has been steadily rising since February of this year, DataQuick revealed.

Single-family home resales sold for an average of $500,000, up by 6.4% from a year ago. A total of 1,945 homes in this category were sold in the report period, accounting for about two-thirds of home sales and showing a 4.9% increase from last year's figures.

Condos made up a smaller percentage of the total, with about 890 units having sold in the past month. This is up 7.6% from last year, making it one of the strongest sub-markets in the county. Prices were also up 3.8%, with an average selling price of $301,000.

New home sales fared slightly less well, falling in price by 0.8% in the same period. The average price of $491,000, more than the South Coast average, is believed to be a contributing factor. Only 145 new homes were sold last month, down by a whopping 27.1%.

Nationwide, home sales are up by 9.4%, according to the National Association of Realtors. Experts believe this is partly because of the recently approved $8,000 tax credit for first-time home buyers, which has encouraged people to buy real estate before it expires in November.