Home Sales Go Faster and Higher

Orange County’s housing market is emerging as one of the strongest in the state, according to a California Assn. of Realtors survey.

The median amount of time an Orange County house spent on the market dropped to 44 days from 47 a year ago. In early 1993, in the midst of the long recession, the median time that a house remained on the market was 102 days.

In addition, as houses start to move faster, the median price for resale detached homes has started to rise, according to reports from its member associations. The median price reached $215,000 in June from $200,000 in May and from $195,000 in June 1996. The yearly increase is the largest of any county in the state.

South County is one of the big reasons for the rise. Six of its eight cities or communities reported substantial increases in price. In Rancho Santa Margarita, for example, the median price increased 18.8% over the 12-month period.

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Melinda Fulmer covers real estate for The Times. She can be reached at (714) 966-7832 and at melinda.fulmer@latimes.com