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O.C. Home Prices to Rise by Summer 2010

After having seen one of its slowest years in decades, Orange County real estate is expected to make a strong rebound in 2010 as experts predict a nearly 10% rise in average home prices.

Real estate data provider First American CoreLogic said that Orange County home prices may rise by up to 9.5% next August compared to the same period last year. Last summer, home sales and prices slowed down throughout the county, with some dropping by as much as 37%.

The latest data from First American showed that home prices dropped 7.9% countywide. Non-distressed homes, not including short sales and bank-owned properties, dropped in price by a slightly lower 7.1.

If the projections are accurate, the rise would mean an increase of around $48,000 from the median selling price of $500,000, reported from August to September of this year by San Diego-based research firm DataQuick.

First American added that the gains would also exceed expectations for the 10 biggest metropolitan areas in the U.S. Nearby Los Angeles County is expected to see a price gain of 6.3%, while Miami-Dade County expects a slightly lower 6.1% gain.

Home prices are expected to rise by 7.9% throughout California and 4.6% nationwide in the said period. The firm expects nationwide prices to hit rock bottom in March, when home sales generally tend to slow down.

Other experts have predicted a similar rise in countywide prices, albeit to varying degrees. The UCLA Anderson Forecast, for example, projects a rise of between 15.9 and 16.6% in 2010. Leslie Appleton-Young of the California Association of Realtors expects a more modest increase of 3.3% saying it will mostly be driven by distressed home sales.