LOCAL : OC Older House Price Up in March

The price of an older house in Orange County rose to a median $238,807 in March, a shade higher than in February.

February’s median price for resale houses was $237,409, or 0.6% lower than in March, the California Assn. of Realtors said today.

Sales of houses jumped 61.5% from February, the trade association estimated. Sales normally increase during the spring.

Statewide, sales in California’s metropolitan areas rose 8.4% from February to an annualized rate of sale of 638,005, the highest sales in two years. That was up 20.7% from a year ago.

The median price statewide in March was $196,097, up 2.5% from February.

The trade association said that fear of higher mortgage rates pushed more people into the market and that a dwindling supply of houses for sale helped push prices up.

In Orange County, however, experts say sales and price increases for the year as a whole will grow more slowly than last year, an unusually strong year for home sales.

Compared to a year ago, the March price was an increase of 24.9% from March, 1988, when the median price was $191,191. Orange County was at the top of the list nationally of expensive housing markets last year.

Sales were up 9% in March over a year ago.