Here We Go Again California: Orange County Home Prices Rise Above 2007 Bubble-Era Peak
Median home prices in Orange County rose in May to surpass their bubble-era peak in 2007, making the county the first in Southern California where that has happened, according to a new report.
The median price for new and resale condos and single-family homes jumped 5.9% from a year earlier to $651,500 last month, real estate data firm CoreLogic said Tuesday. That’s $6,500 more than the $645,000 peak reached in 2007.
The return to bubble-era levels — at least on a nominal basis – comes seven years after the median bottomed out in 2009 at $370,000. Prices have soared since then, in large part because of historically low mortgage rates and a meager supply of homes for sale.
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