Home Prices Hit All-Time High on Flat Sales

Although sales of new homes in Orange County remained flat during the fiscal second quarter ended May 31, median prices countywide for detached and attached homes reached an all-time high, the Meyers Group Consulting Services LLC found.

For detached units, the median was $369,990, up 17.5% from the previous quarter and 44% higher than a year ago. The median price for attached homes rose to $203,990, cracking the $200,000 barrier for the first time.

Overall, median prices in March, April and May rose in three of the areas in the county--coastal south, north and central. In the coastal north region, prices of new attached housing declined slightly to $283,000, but the median price for detached homes surged 24.5% to $610,000. And in the southern inland part of the county, where prices of attached homes dropped 20% to $125,990, attached home prices rose 16.5% to $324,990.

“This survey shows inventory levels are tight, and that’s pushing home prices up quickly,” said analyst Stephanie Ayres, who conducted the survey. During the quarter, demand far outpaced sales. Although new-home inventory rose to 638 from 620 during the quarter, that remained 62% below inventories a year ago.