O.C. New-Home Median Price Hits $379,000
Despite a significant surge in construction, the median price of a new home in Orange County hit an all-time high of $379,000 in the second quarter, a leading real estate research firm said in a report to be released today.
The price run-up, a $10,000 increase over the second quarter of 1998, came despite a 42% increase in the number of new homes on the market, said John Burns, senior managing director of Meyers Group, an Irvine firm that tracks new-home sales trends.
But the new-housing supply still falls woefully short of satisfying demand, and the study underscores how wide the gap is growing.
Over the last year, Orange County homes appreciated faster than those in any other U.S. metropolitan area, according to the report. Builders have been struggling to provide enough housing in the county.
The market, showing no signs of slowing during the peak home-buying season, is expected to climb even higher later this year, with the median price topping $400,000.
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