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Orange County Median Price at 9-Month Low

The median home price in Orange County for the month ending February 16th--the latest available from real estate information provider DataQuick--is at $415,000, making it the lowest it has been in the past three quarters.

The prices are also 36% lower than the pre-recession peak in June 2007, when the average home cost $645,000. However, the median is up 10.7% from the same period a year ago, a sign that the housing market is still moving in a positive direction.

For the past several months, Orange County housing has stabilized compared to its recent historic lows. Median prices hit a cyclical low in January 2009, when home prices dropped to $370,000, and the worst year-by-year drop was almost two years ago.

A total of 2,253 homes were sold in Orange County the past month, 4.6% higher than it was the previous year. However, it is still significantly lower than the average for the past ten years, where an average of 4,304 homes were sold per month.

Of these, 1,440 were single-family homes, 706 were condominiums, and 98 were new homes. New constructions have the highest average asking prices at $539,500, while single-family properties and condos averaged $485,000 and $295,000 respectively.

Single-family homes still make up most of the county's market activity, as condos are becoming more expensive and meeting less demand. The price difference between the two is at 64% this month, compared to only 57% a year ago.

New home builders are playing a smaller role in the market, accounting for only 4% of home sales in the same period this year and last. For the eight years prior to the recession, builders sold 15% of homes in the county.