The median price of a house in Orange County was $716,300 in August, up 10.3% from a year earlier, the California Association of Realtors said Monday.
August’s median was up 1.3% from July. The price excludes condominiums.
Statewide the median price rose a more robust 20% during the year ended in August, hitting a record of $568,890.
The higher median could be a result of buyers jumping in the market before future rate hikes, according to Jim Hamilton, president of the association. The Federal Reserve Board has raised a key short-term rate to 3.75%.
