Orange County home prices level off at $695,000 as sales soar, CoreLogic reports – Orange County Register

Orange County’s torrid spring homebuying season ended with prices starting to level off, albeit at a price significantly higher than a year ago, new housing figures show.

Sales, however, soared, reaching the second-highest level in 11 years.

The median price of an Orange County home, or the price at the midpoint of all sales, was $695,000 in June, up 6.1 percent from a year earlier but unchanged from May, real estate data firm CoreLogic reported Tuesday, July 25.

June prices have failed to rise from May just eight times in the past 30 years, CoreLogic figures show. Since the market traditionally slows during the summer months when families are distracted by vacations and outings, June’s price likely will remain the market high until the market heats up anew next spring.

Still, last month’s median was up $40,000 from June 2016.

Meanwhile, CoreLogic reported that home buyers and sellers closed 3,802 transactions in June.

While that’s up by less than 1 percent from June 2016, it’s the most sales for any month since June 2015 and the second-highest monthly tally since June 2006.

In the region as a whole, the median home price hit $500,000, a high not seen since August 2007. That’s also just $5,000 or 1 percent below the all-time Southern California high of $505,000, reached on three occasions in the spring and summer of 2007.

Southern California home sales also soared in June to 25,515 transactions, the highest level for any month since August 2006, CoreLogic figures show.

The region saw a sales gain of 4.3 percent compared with June 2016, bolstered mainly by gains in Los Angeles and San Bernardino Counties.

Los Angeles County had a gain of 8.2 percent to 8,716 deals closed in June, CoreLogic reported. San Bernardino County transactions jumped 14.1 percent to 3,243 homes changing hands.

Sales declined year over year in two counties, dropping 2.2 percent in San Diego County and 1.5 percent in Ventura County, CoreLogic figures show.

Median home prices…

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