O.C. Home Prices at 7-Year High in Mid May

Orange County's housing market continued to hold on to seven-year-high pricing in mid-May.

The median selling price for all residences was $600,000 in the 22 business days ending May 14 – up 1.7 percent vs. a year ago, CoreLogic reported. That’s the same price as was reported for the full month of April, the highest since August 2007.

There were 3,458 residences sold in the mid-May period, up 9.6 percent from a year ago.

At the neighborhood level, prices were up in just 28 of 83 Orange County ZIP codes vs. the previous year. Sales rose in only 32 of 83 O.C. ZIPs vs. the year-ago period.

As for key slices of the market in the mid-May period, the median selling price for resales of single family homes was $670,000 -- up 3.1 percent from a year ago. Sales totaled 2,172 -- up 11.6 percent from a year ago.

Resale condos' median selling price was $409,000 -- up 1.0 percent from a year ago. Sales totaled 1,033 -- up 18.3 percent from a year ago.

Median price for newly constructed residences was $873,500 -- up 8.5 percent from a year ago. Builders sold 253 new homes, down 24.7 percent from a year ago.