Median Price of Resale Homes in County Soars to $247,636, 3rd-Highest in Nation

The price of a house in Orange County--a median $247,636 in the second quarter--is the third-highest in the nation, lagging behind only San Francisco and Honolulu, the National Assn. of Realtors said Tuesday.

Los Angeles ranked fourth and Boston ranked fifth. The West and the Northeast are once again the most expensive markets for single-family detached houses, the trade association found.

The U.S. median was $92,900 in the second quarter, which ended in June. The trade association does not count new houses.

The survey also found the disparity in home prices around the nation growing wider. Peoria, Ill., had the lowest price: $47,700.

Still, home buyers in Orange County can find some consolation in the figures: A year ago, the county had the most expensive houses in the nation. As recently as the first three months of 1989, Orange County ranked second after San Francisco.

The county’s high prices hurt sales during the first half of 1989, the California Assn. of Realtors reported Tuesday.

Sales fell 14.5% from the first half of 1988, the trade association estimated. That was the biggest dip among California’s metropolitan areas. In fact, sales actually increased statewide by 6.5%, although they are now starting to slow too.

Prices, however, continue to rise in Orange County and in California. In the county, the median price jumped 23.8% and nearly $48,000 from a year ago; from $199,999 in the second quarter of 1988 to $247,636 now.

The statewide increase in prices wasn’t far behind: Prices rose 22.4%--to $201,833--from $164,857 a year ago.

The Orange County housing market, say real estate experts, is cooling compared to last year’s buying frenzy, which pushed prices through the roof. But the market remains strong.

“It’s a more normal type of market, unlike last year when there was no inventory of unsold houses and a house might sell in a matter of minutes,” said Leslie Appleton-Young, vice president of the trade association’s research department.

“And people aren’t able to get the kind of prices they want when they put their house up for sale, so instead they’re tending to stay put longer.”

More recent figures show the Orange County market continued to slow after the second quarter. TRW Real Estate Market Information reported Tuesday that sales of all homes--new and used, houses and condominiums--dropped 36.9% in July from a year ago, from 5,482 units to 3,461.

Prices, however, continued to rise, the Colton marketing consultant said. The average for houses and condominiums in the county hit $252,987, up 18.1% from $214,333 a year ago.

AVERAGE HOME PRICE IN ORANGE COUNTY

Includes new and resale detached and attached homes

July 1989: $252,987

Source: TRW

CITIES WITH HIGHEST MEDIAN RESALE HOME PRICES

2nd Qtr Median % change City Resale Price from yr ago San Francisco $265,700 +31.0 Honolulu 262,500 +32.1 Orange County 247,636 +23.8 Los Angeles 218,000 +24.6 Boston 188,600 +3.1 New York 185,200 -4.5 San Diego 176,600 +23.8 Hartford 165,100 -2.3 New Haven 156,100 -7.6 Washington 139,900 +6.6 Additional California Cities Riverside/San Bernardino 122,200 +16.5 Sacramento 107,200 +16.1

Source: National Assn. of Realtors

ORANGE COUNTY HOME SALES

Includes new and resale detached and attached homes.

Month: Homes Sold

1988 January: 3,445 February: 3,920 March: 5,827 April: 5,924 May: 5,654 June: 6,372 July: 5,482 August: 5,524 September: 5,328 October: 4,939 November: 4,424 December: 4,553

1989 January: 3,292 February: 3,151 March: 4,594 April: 3,694 May: 3,910 June: 4,173 July: 3,461

Source: TRW