As reported in the OC Register, June 21, 2010

 

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The median price per square foot paid to buy an Orange County house hit $296.32 in May, the highest that measure has been since August 2008, figures from MDA DataQuick show.

The price per square foot for an existing, single-family home has been on an upsurge after bottoming out in January 2009, increasing from the month before in 10 of the past 13 months.

The latest data show also:

  • May was the seventh straight month in which the price per square foot increased on a year-over-year basis.
  • May’s price per square foot was up 6.2% from May 2009.
  • It also was up 10.5% from January 2009, when price/sf hit a post-boom low of $268.16. (See chart at right)
  • On the other hand, it still was down $148 or 33.3% from the all-time high of $444.36 reached in June 2006.

The price per square foot is valuable since it compensates for monthly variations in the size of homes sold.

DataQuick’s figures don’t include recent home-size additions, however, so recently remodeled homes may appear to be pricier than they actually are. DataQuick maintains that it’s price/sf data provide a good indication where the overall trend is headed, but is not a precise barometer.

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