The average price of a new home in Orange County reached a nine-year high last year. The $341,200 figure was 1.6% higher than in 1989 and a 99% increase since 1982. The average price did fluctuate in the mid-'80s but has been moving steadily upward since 1985.
Here's how the average price of a new home in Orange County has moved during the last nine years: 1982: $171,200 1990: $341,200 At the same time, the amount of living space in new homes also reached its highest point since 1982. The average size of new homes sold in 1990 was 2,190 square feet, 1.8% more than the 1989 number and 23% more than the 1982. Much like the price, the living space average has moved around since 1982, reaching a low of 1,650 in 1983. It has, however, increased each year since 1987. Here's the trend: 1982: 1,780 sq. ft. 1990: 2,190 sq. ft. Unlike the two other measures dealt with here, the average price per square foot in new Orange County homes actually declined somewhat--from $156.15 in 1989 to $155.80 in 1990, less than a 1% decline. Between 1985 and 1989 the average increased regularly from $95.70 to the $156.15 level, a 63% increase. Here's how the average price per square foot has changed.
1982: $96.20 1989: $156.15 1990: $155.80 Source: Construction Industry Research Board