P.M. BRIEFING : California Home Prices Go Through Roof; Orange County Leads the Way

Prices for existing homes in California went through the roof in 1988 while most other parts of the country experienced modest price increases or declines, the National Assn. of Realtors said today.

From the fourth quarter of 1987 to the final three months of 1988, the median price of existing homes in Orange County skyrocketed 32.2% to $231,200, tops in the nation.

The second highest median price--the point at which half the homes cost more and half cost less--was the San Francisco Bay Area, up 29.6% to $228,100. The Los Angeles area experienced a 24.6% run-up in median prices to $191,200, and San Diego was in fourth place with a 18.6% appreciation rate to $157,200 median price, association said.

Nationwide, the median price of a house, condominium or co-op was $87,900 in the fourth quarter, up 3.4% in one year.

Fifteen metropolitan areas of the United States had median prices of more than $100,000 in the last quarter of 1988.

In markets outside California, Honolulu had the highest median price at $225,000.