Rise in O.C. Home Prices Slower Than Statewide

Soaring home prices in Orange County may seem to be defying gravity, but a new survey shows that property values here are rising at a slower pace than they are in the state as a whole.

In the second quarter, home values in Orange County grew 9.1% from a year earlier. But that increase falls short of the statewide average of 10.4%, reports CMDC National, a Costa Mesa real estate information company.

The statewide figure was boosted by year-to-year gains exceeding 20% in Bay Area counties, where the high-technology economy has driven up home values, said Nima Nattagh, the analyst who conducted the quarterly survey. The report was based on homes that were sold at least twice statewide since 1990.

Besides falling far short of Northern California’s high percentages, Orange County home values are also falling behind those in San Diego County, another high-tech hub.

Nattagh warns, though, that no firm conclusions can be drawn from the data yet.

“I’d feel more comfortable after looking at the third-quarter to see whether there’s a trend,” Nattagh said. But, he added, “it may be a sign that the Orange County market is slowing down.”

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Daryl Strickland covers real estate for The Times. He can be reached at (714) 966-5670 and at daryl.strickland@latimes.com.