Comparing Home Prices : Sweet O.C. Memory: a House for $34,000
Remember those ancient times when you could buy a house in Orange County for $34,000? Not so ancient, actually. How about 1974?
Selected houses in the county were appraised that year as part of a survey by the Real Estate Research Council of Southern California, and the average price of the houses appraised was $34,000.
The council conducts appraisals every six months--on the same houses, whenever possible--and its Orange County average for April of this year was $232,900.
Prices have risen even faster in Los Angeles County. In 1974, the $40,600 average in L.A. County was 18% higher than the Orange County average. By this year, the gap had widened to 34%.
The comparison with San Diego County is more favorable. Houses appraised there had a higher average price than the Orange County average as recently as 1986, but now the Orange County houses have an edge of 12%.
HOME PRICE INDEX A measure of home-price appreciation is the Home Price Index compiled twice a year by the Real Estate Research Council of Southern California. The council sponsors appraisals of selected homes twice a year--using the same homes whenever possible. The index uses 1975 as a base year with a number of 100. The most recent index figure for Orange County, 490, indicates that the average price of appraised homes has increased nearly fivefold since 1975.
% Increase % Increase Index From From Area April 1989 6 Months Ago 1 Year Ago Los Angeles County 630 15.5 31.0 San Fernando Valley 591 16.6 33.6 North Central-Pasadena 782 17.3 40.2 East San Gabriel Valley-Pomona 468 17.0 33.8 Southeast 559 13.1 23.0 Long Beach Harbor 670 11.9 23.8 Southwest 589 9.8 19.9 Westside-Santa Monica 902 19.1 35.8 Orange County 490 10.0 27.4 Northern 477 8.9 30.5 Central 510 6.2 20.6 Southern and Beach 484 13.7 31.1 Riverside County 357 12.1 21.1 San Bernardino County 375 15.1 22.6 Ventura County 635 9.8 29.2 San Diego County 404 12.7 23.0
MARKET PRICES FOR SPECIFIC ORANGE COUNTY HOMES IN THE SAMPLE
April 1987 April 1989 April 1989 Index Location of Home Price Price 1975=100 Anaheim $115,000 $160,000 492 Fullerton 151,300 224,000 503 Santa Ana 105,500 165,000 589 Garden Grove 120,000 173,000 449 Newport Beach 185,000 305,000 592 San Juan Capistrano 190,000 280,000 463
AVERAGE HOME PRICE IN THE SAMPLE Appraisals made in April of each year In thousands of dollars Los Angeles County: $312,400 Orange County: $232,900 San Diego County: $207,900 Riverside and San Bernardino Counties: $142,900
Source: Real Estate Research Council of Southern California
