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CoreLogic: Home prices up 6.8%

CoreLogic: Home prices up 6.8%

Orange County home prices and sales were both up from year-ago levels, real estate data firm CoreLogic reported Wednesday.

The median price of an Orange County home, or the price at the midpoint of all sales, was $ 623,000 in November.

That’s up 6.8 percent year-over-year to the second-highest median since home prices crashed in 2007.

November was the 43rd consecutive month of year-over-year price gains. Orange County’s median is up $ 223,000 since the recovery began in the winter of 2012.

And November was the second straight month that the median price of a newly built home reached an all-time high: $ 965,000.

Industry observers warned, however, that rising prices and record new home prices could be due in part to an increase of pricier sales or a decrease in more affordable sales, either of which could skew the median upward.

Sales, meanwhile, increased 1.9 percent year-over-year to 2,444 homes in November.

Although sales are up from year-ago levels, November was the third-slowest month of 2015, due in part to the seasonal slowdown that occurs as the holidays approach.

CoreLogic figures show that 33,387 Orange County homes have changed hands this year so far, up 7 percent – or 2,100 homes – from the first 11 months of 2014.

Prices and sales also were up across the board throughout the six Southern California counties included in CoreLogic’s November housing report.

The median price of a Southern California home was $ 438,000, up 6.8 percent year-over-year, CoreLogic reported. Sales in the region total 16,122 transactions, up 2.4 percent.

Contact the writer: 714-796-7734 or jcollins@ocregister.com

The Orange County Register – News Headlines : Real Estate News