What are the Home Prices in Orange County? Median Home Prices in Area hold Steady

LOS ANGELES, CA—Sales of existing homes in Orange County dipped in June, but increased from May to June according to California Association of Realtors.

CAR figures show that sales in Orange County dipped in June by 0.5 percent compared to June 2015, but sales increased 4.3 percent between May and June. More than 450,000 properties were sold in June -- a 10 percent month-to- month jump in sales throughout California, according to the data. In Los Angeles County, sales increased 1.2 percent last month compared to the same time a year ago, even as prices climbed, according to a report released today by the California Association of Realtors.

In Los Angeles county, home sales were up 6.9 percent between May and June in Los Angeles County, dovetailing with a statewide surge in sales of existing single-family dwellings.

The median home prices in Orange County was $759,490 last month, up from $735,910 in May and $716,730 in June 2015.

The median represents the point at which half of homes sell above a price, and the other half below it. "The annual gain in the median home price is being driven by more sales at the mid-segment housing market, which comprise at least half of the overall demand," said CAR Chief Economist Leslie Appleton-Young. She said price growth was "cooling" in some spots, including the San Francisco metropolitan area.

The statewide median home price in June was $519,440 -- 5.5 percent more than a year before, according to CAR. In Los Angeles County, the median home price was $502,190, compared to $467,290 in May and $473,290 in June 2015.

According to CAR's Unsold Inventory Index for June, a home in California was on the market an average 27 days before it sold. In Los Angeles County, it was about 39 days, compared to 50.5 days in Orange County.