LOCAL : OC Housing Prices Leap Again

Orange County housing prices leaped again in November, when the median price of an existing single-family detached home rose 1.7% to $230,701, according to figures released today by the California Assn. of Realtors.

November’s price was 29% higher than a year ago, when the median price was $178,870. It was not an Orange County record; the September median of $234,934 still holds top honors. Prices dipped in October to $226,792 before resuming their upward climb.

“The reality of falling mortgage rates, combined with the pre- and post-election expectation of higher interest rates in early 1989, encouraged many potential home buyers to make their move in November,” said Joel Singer, chief economist for the 120,000-member trade group. “Additionally, buyers acting before the end of the year for tax reasons may have helped boost sales.”