Commentary The median sales price for a detached home in Orange County has risen to $1.1 million, up 22 percent from the $900,000 median sales price in 2020. This rapid price increase is driven by strong demand and a low number of homes for sale. Across all of Southern California, the average home is expected to be on the market for just 26 days, versus an average of 78 days about two years ago. The data comes from The Orange County Housing Report, in which author and quantitative economist Steven Thomas said that the short market-to-sale period is “indicative of a market with rapid price appreciation, multiple offers, and an auction-like atmosphere that results in most homes selling above their asking prices.” However, Thomas also said that as mortgage rates “rise in the future, the housing market will most certainly downshift.” Looking at the median housing price, mortgage interest rates …