Orange County Housing Market Cools in July

Orange County’s blazing housing market cooled last month, as the median home price slipped to $238,000 from the all-time high of $241,000 in May and June, Acxiom/Dataquick Real Estate Systems of La Jolla reported. The data indicate that buyers were more active in the lower price ranges, in entry-level and moderately priced homes, said John Karevoll, an analyst with the research firm. Although the July median price declined from June, it still is 3.9% above that of July 1998. Last month is the 26th consecutive one in which the market saw price gains year over year. A total of 4,828 homes was sold, down 8.2% from July 1998, the ‘90s’ busiest month.