Home Prices Climb 2.7% to an Average of $224,057

Even though the number of homes sold dropped, Orange County home prices rose 2.7% in February to an average $224,057, TRW Real Estate Market Information reported Tuesday.

The average price of a home in January was $218,251.

February’s price was up 21% from a year ago, when the average home cost $185,166. A buying frenzy set in about that time last year, although it had cooled down by the end of 1988.

Many experts say the number of homes sold in Orange County is likely to drop this year and prices will increase by only about 12%.

TRW counted 3,146 homes and condominiums sold in February, down 6.4% from January when 3,362 were sold. And February’s number was down 20.4% from a year ago, when 3,952 homes were sold.

Unlike other surveys, the TRW report includes both new and used houses and condominiums.

AVERAGE HOME PRICE IN ORANGE COUNTY

The averabe price of new and reessale single-family houses and condominims sold in the county was $224,057 in Ferbuary, 2.7% higher than the January average of $218,251 and 21% higher than the February, 1988, figure of $185,166.

SOURCE: TRW Real Estate Market Information’s survey of deeds filed at the Orange County recorder’s office.