MDA DataQuick reported this week that Orange County median home prices jumped 8.1% in November. The median price was $432,250. However, the data indicates that pricier homes are selling more quickly than earlier this year which may be skewing the data. Many believe the tax credit is helping to fuel volume.
The $432,000 figure is still 33% lower than the June 2007 market peak.
Foreclosures and short sales are still huge factors. We had over 1800 new foreclosure notices files last month county-wide.
Nationwide, home prices declined by 9.8% in September 09 vs. September 08. Top-ranked states for depreciation are Nevada, Arizona, Florida, Michigan and Idaho.
Supporting the data reported earlier by the Real Estate Research Council appraisers, First American CoreLogic reports that the Los Angeles-Long Beach statistical area showed a 13.37% decrease in average values over the last twelve months ending September 09. On the brighter side, it is projected to increase by 7.92% in the next twelve months.
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