Home Resales Drop 13.6% in October, but Median Price Continues Upward : REAL ESTATE

It was the largest decline in Orange County sales of used homes in almost a year, a 13.6% drop in October, contrasted with the year-earlier month, for which the California Assn. of Realtors blamed rising interest rates.

But because there were relatively few houses for sale in the county, prices inched upward. The median price for a resale home in the county in October was $168,762, up nearly 1% from September. That price was more than 10% higher than a year ago, the association said in its monthly survey.

State sales fell just 0.1% from September and 5.7% from a year ago. The state median price of a resale home was $144,786, up 0.6% from September.

The figures are only estimates based on sample numbers from some local realty boards. Orange County has had a strong year in housing sales, so the association cautioned against assuming from October’s figures that a downward trend is ahead.