Median Home Price Rises 7.5%
The median price of a home in Orange County--excluding new homes--rose an estimated 7.5% in March, to $193,563.
Prices jumped so high because people are buying bigger and more expensive homes, the California Assn. of Realtors said.
Sales also continued to grow in the county’s most pricey neighborhoods, the group said.
The county continued to be the most expensive market in the state for resale housing, the trade group said.
Compared to a year ago, when the median price was about $162,010, March’s price was a 19.4% increase.
The number of homes sold also rose, the trade group estimated, with 12% more houses sold in March than a year ago and 37.1% more compared to February.
“Unlike some of the other regions, the Orange County market has remained consistently strong, even as the median price has increased at levels that are well above those of other regions,” said Joel Singer, the trade group’s chief economist.
Statewide, the median price of $151,725 was a 12.4% increase over a year ago, when the median was $134,954. The March price was up 2.7% from February’s $147,665.
The number of sales statewide rose 7.8% from a year ago, to an annual rate of 520,516 homes. That represents the number that would be sold this year if the March sales rate continued through December. The figure is represented this way to discount normal seasonal ups and downs in sales.
Sales rose 10.7% from February.
Home sales normally improve in the spring. But the trade group said March’s strong showing statewide was probably helped by buyers’ fears that home prices and interest rates will rise for the rest of the year.
MEDIAN HOME PRICES IN AREAS OF STATE
Region March 1988 March 1987 % Increase Orange County $193,563 $162,110 19.4 Los Angeles $163,840 $139,522 17.4 San Francisco $184,309 $160,124 15.1 San Diego $136,483 $124,948 9.2 Sacramento $89,444 $83,359 7.3 Riverside/San Bernardino $96,536 $92,631 4.2 Ventura $179,660 $146,548 22.6 California $151,725 $134,954 12.4
Source: California Assn. of Realtors
