O.C. home prices up 6.4% in September

O.C. home prices up 6.4% in September

A fall chill crept into the Orange County housing market in September, freezing the median home price below the $600,000 threshold touched briefly earlier this year and keeping a lid on sales.

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The median price of an Orange County home — or price at the midpoint of all sales — was $585,000 last month, CoreLogic DataQuick reported Monday.

That’s up $35,000 from September 2013 for a 6.4 percent year-over-year gain, DataQuick figures show.

But it’s down $5,000 from August. Orange County’s median price typically drops an average of 1.3 percent from August to September as kids go back to school.

September saw 2,980 Orange County houses, condos and townhomes change hands, 64 units more than in September 2013.

The 2.2 percent increase was the first year-over-year gain in 12 months, but was due mainly to the big drop in transactions that occurred in late 2013 because of rising mortgage rates and decreasing buyers able to pay last year’s ballooning home prices.

September’s sales total was 34 units below August’s — again, typical for this time of year. DataQuick figures show that September sales drop an average of 10.4 percent from August to September.

Regionwide, the Southern California median price was $413,000, up 8.1 percent, DataQuick reported. Last month was the first time in more than two years that none of the Southern California’s six counties posted double-digit year-over-year price gains.

“Price appreciation has dipped into single-digit territory as more would-be buyers get priced out, investors back off and incomes rise modestly at best,” DataQuick Analyst Andrew LePage said. SEE AT THIS LINK.

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