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Median Resale-Home Price Increases 0.6% in December

February 02, 1988

The median price of a single-family home in Orange County--excluding new homes being sold for the first time--was $177,900 in December, up 0.6% from the previous month's $176,888 and a 15.5% jump from December, 1986. That makes the county the state's most expensive area for home buyers for the second consecutive month, according to the California Assn. of Realtors.

As of December, just 26% of the families in the county earned more than the minimum $55,017 a year required to qualify for a loan on a median-priced home, assuming a 20% down payment. The comparable figure for all California households is 31%, while 50% of U.S. households could afford the median-priced home.

DECEMBER HOUSING AFFORDABILITY INDEX

Median Qualifying Pct. of Median Monthly Median Households Price Payment Income Qualifying Orange County $177,900 $1,375 $55,017 26% U.S. 84,400 653 26,101 50 California 144,392 1,116 44,654 31 Los Angeles 144,829 1,120 44,789 28 San Francisco Bay 175,064 1,353 54,140 17 San Diego 133,833 1,035 41,389 29 Sacramento 89,058 689 27,542 51 Riverside/ San Bernardino 102,093 789 31,573 44

Source: California Assn. of Realtors

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