Home prices continued their surge in Southern California last month, and in one county, prices matched the highest ever. The Orange County Register reports:
Orange County home prices hit their highest level in nine years last month, matching the peak price reached at the height of the housing boom, CoreLogic reported Tuesday.
The median price of an Orange County home, or price at the midpoint of all home sales, was $645,000 in April.
The last time prices were that high was in June 2007, when the median set a record. One month later, subprime mortgages melted down and prices fell $275,000, or 43 percent, over the next 19 months.
Last month’s median was up 7.5 percent year over year and 54 percent, or $225,000, over the past four years.