The cost of a single-family home in Orange County jumped 7.7 percent over the past year, making it the fastest rising market in the nation among the top 30 metropolitan areas, according to First American Data & Analytics.
Orange County's rise in home prices is attributed to its favorable weather, ocean proximity, and high-paying jobs, compounded by a lack of new-home development.
A typical single-family home in Orange County now costs about $1.37 million, requiring potential buyers to earn at least $349,200 a year to buy comfortably.
While leading the nation in price gains, California regions generally saw modest increases, with San Diego at 3.7 percent and the greater Los Angeles area at 1.4 percent.
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