Orange County Loses $9 Million ZIPs in 4 Months – Orange County Register

Orange County’s homebuying cooldown has reduced the number of million-dollar ZIPs by nine since May.

My trusty spreadsheet, filled with CoreLogic’s September homebuying statistics for 83 Orange County zip codes, shows how house prices have reversed since the spring. “Expensive” ZIP codes are those with an average sale price of $1 million and above, while “affordable” neighborhoods are those with an average sale price of $750,000 or less.

Let’s look at how the ranking between expensive and affordable municipalities has changed since early summer

September: 38 7 digit zip codes with 1,019 sales – 45% of all purchases compared to 10 affordable zip codes with 261 sales or 11% of all purchases.

August: $41M ZIPs with 1,296 sales – 51% of all purchases compared to 8 affordable ZIPs with 227 sales or 9% of all purchases.

July: 45 7-digit zip codes with 1,210 sales – 53% of all purchases compared to 11 affordable zip codes with 129 sales or 6% of all purchases.

June: $45M ZIPs with 1,500 sales – 54% of all purchases compared to 7 affordable ZIPs with 137 sales or 5% of all purchases.

Can: 47 7 digit zip codes with 1,524 sales – 52% of all purchases compared to 8 affordable zip codes with 324 sales or 11% of all purchases.

Still, the ranks of million-dollar zip codes have grown over the course of two years as the number of affordable communities shrank due to the pandemic-era home-buying frenzy.

September 2021: $29 million ZIPs with 1,261 transactions – 37% of all purchases and 19 “bargain” ZIPs with 609 sales or an 18% share.

September 2020: 17 ZIPs over $1M with 481 closes – a 31% share versus 45 ZIPs under $750K with 1,084 purchases or 69% of all sales.

These fluctuations are reflected in the national median price. At $950,250 in September, it’s up 7% in a year, but the latest price is down 9% from May’s record high of $1.054 million.

The times have changed. High prices and sharply rising mortgage interest rates have put off those looking for a home.

Compared to last year, September saw 34% fewer sales at all price levels nationwide. The 38 seven-digit zip codes saw 41% fewer sales. ZIPs under $750,000 fell 23%.

Let’s look at which communities landed in Orange County’s million-dollar club in September — and which more favorable neighborhoods.

Note that monthly sales data for individual zip codes can be volatile, so price trends may reflect a different mix of homes sold – not changing values. (See bit.ly/septemberpriceoc for data for all Orange County zip codes)

New to the club

These nine million dollar zip codes weren’t a club member in September 2021…

  • Pause 92823: $1.6 million — up 76%.
  • Yorba Linda 92887: $1.2 million — up 42%.
  • Irvine 92606: $1.1 million — up 47%.
  • Orange 92867: $1.1 million — up 19%.
  • Yorba Linda 92886: $1.1 million — up 10%.
  • Waldsee 92630: $1.1 million — up 16%.
  • Irvine 92612: $1.1 million — up 37%.
  • Foothills Ranch 92610: $1 million – up 23%.
  • Lagoon Niguel 92677: $1 million – up 7%.

Still members

The 29 ZIPs are returning to the seven figure club…

  • Newport Coast 92657: $8.9 million — up 120%.
  • Newport Beach 92662: $4.5 million — up 29%.
  • Laguna Beach 92651: $3.3 million — up 23%.
  • Newport Beach 92661: $2.8 million – 40% off.
  • Corona del Mar 92625: $2.7 million — up 10%.
  • Newport Beach 92660: $2.7 million — up 40%.
  • Irvine 92602: $2.4 million — up 59%.
  • Villa Park 92861: $2.2 million — up 48%.
  • Dana point 92624: $1.8 million — up 27%.
  • Irvine 92603: $1.8 million — up 13%.
  • Newport Beach 92663: $1.8 million – 5% off.
  • Dana point 92629: $1.7 million — up 30%.
  • San Clement 92672: $1.7 million — up 43%.
  • San Clement 92673: $1.6 million — up 18%.
  • San Juan Capistrano 92675: $1.6 million — up 23%.
  • Irvine 92618: $1.5 million — up 39%.
  • Huntington Beach 92649: $1.5 million — up 41%.
  • Irvine 92620: $1.4 million — up 14%.
  • Lagoon Hill 92653: $1.4 million — up 38%.
  • Huntington Beach 92648: $1.4 million — up 19%.
  • Trabuco/Coto 92679: $1.3 million — up 2%.
  • Los Alamitos 90720: $1.3 million – 6% discount.
  • Seal Beach 90740: $1.2 million – 27% off.
  • Costa Mesa 92627: $1.2 million — up 13%.
  • Santa Ana 92705: $1.2 million — up 3%.
  • Costa Mesa 92626: $1.1 million — up 4%.
  • Brunnental 92708: $1.1 million — up 10%.
  • Irvine 92604: $1.1 million — up 3%.
  • Tustin 92782: $1.1 million – 4% discount.

OC ‘Bargain’

And the 10 ZIPs under $750,000…

https://www.ocregister.com/2022/11/10/orange-county-loses-9-million-dollar-zips-in-4-months/ Orange County Loses $9 Million ZIPs in 4 Months – Orange County Register

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