Orange County housing lost 13 million-dollar ZIP codes in 6 months

The number of Orange County ZIP codes with million-dollar median prices has fallen by 13 since May as the countywide benchmark price fell 9% off its all-time high.

My trusty spreadsheet, filled with November homebuying stats from CoreLogic for 83 Orange County ZIP codes, showed how home pricing has changed since spring. “Expensive” ZIPs have median selling prices of $1 million and higher vs. “affordable” neighborhoods with medians of $750,000 or below.

November had 34 seven-figure ZIPs with 740 sales (42% of all purchases) compared to 12 affordable ZIPs with 266 sales (15% of all purchases).

That compares to October’s 40 seven-figure ZIPs with 1,008 sales (48% of all purchases), and 14 affordable ZIPs with 315 sales (15% of all purchases).

At the market’s peak in May, there were 47 seven-figure ZIPs with 1,524 sales (52% of all purchases), and eight affordable ZIPs with 324 sales (11% of all purchases).

Back in November 2021, Orange County had 30 million-dollar ZIP codes with 1,079 transactions (34% of all purchases) and 15 bargain ZIPs with 609 sales (a 19% slice).

Times have changed. The buying binge is over as lofty pricing and sharply rising mortgage rates have scared off house hunters.

Yes, the county’s median price of $960,000 for November was up 5% in one year, but it’s off 9% from May’s $1.054 million record high.

November had 45% fewer sales at all price levels countywide compared with a year earlier. Seven-figure ZIPs saw 50% fewer purchases, too. ZIPs below $750,000 saw 45% fewer deals in the same period.

Let’s look at which communities were in Orange County’s million-dollar club for November, and where were the cheapest 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. (Data for all Orange County ZIPs can be found at bit.ly/novemberpricingoc)

New to the club

These 10 million-dollar ZIPs were not “seven-figure” club members in November 2021 …

San Juan Capistrano 92675: $1.8 million — up 110%.

Brea 92823: $1.3 million — up 45%.

Fullerton 92835: $1.3 million — up 36%.

Irvine 92604: $1.2 million — up 24%.

Fountain Valley 92708: $1.2 million — up 15%.

Irvine 92612: $1.1 million — up 34%.

Laguna Niguel 92677: $1.1 million — up 11%.

Lake Forest 92630: $1.1 million — up 15%.

Aliso Viejo 92656: $1 million — up 42%.

Huntington Beach 92649: $1 million — up 2%.

Still members

These 24 ZIPs are still in the club …

Newport Beach 92661: $3.8 million — off 5%.

Corona del Mar 92625: $3.6 million — up 21%.

Newport Coast 92657: $3.5 million — off 10%.

Laguna Beach 92651: $3 million — up 13%.

Newport Beach 92660: $2.3 million — up 31%.

Irvine 92602: $2.2 million — up 31%.

Irvine 92603: $1.8 million — up 15%.

Villa Park 92861: $1.7 million — off 4%.

Santa Ana 92705: $1.6 million — up 48%.

Trabuco/Coto 92679: $1.5 million — up 25%.

San Clemente 92673: $1.5 million — up 18%.

San Clemente 92672: $1.4 million — off 3%.

Irvine 92618: $1.4 million — up 27%.

Irvine 92620: $1.4 million — up 5%.

Seal Beach 90740: $1.4 million — off 1%.

Los Alamitos 90720: $1.4 million — off 1%.

Huntington Beach 92648: $1.3 million — up 4%.

Dana Point 92629: $1.3 million — up 1%.

Dana Point 92624: $1.2 million — off 5%.

Costa Mesa 92626: $1.2 million — off 3%.

Yorba Linda 92887: $1.2 million — up 16%.

Foothill Ranch 92610: $1.2 million — up 13%.

Yorba Linda 92886: $1.1 million — off 10%.

Tustin 92782: $1.1 million — off 1%.

O.C. ‘bargains’

Orange County’s 13 sub-$750,000 ZIPs …

Garden Grove 92843: $745,000 —  off 7%.

Anaheim 92805: $742,500 —  up 11%.

Anaheim 92808: $740,000 —  off 13%.

Orange 92869: $729,250 —  off 27%.

Stanton 90680: $720,000 —  up 8%.

Fullerton 92832: $702,000 —  up 6%.

La Habra 90631: $662,500 —  off 9%.

Santa Ana 92707: $662,500 —  up 45%.

Anaheim 92801: $604,750 —  off 15%.

Santa Ana 92703: $590,000 —  up 5%.

Santa Ana 92704: $560,000 —  off 9%.

Garden Grove 92844: $505,000 —  off 27%.

Laguna Woods 92637: $360,000 —  off 10%.

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com

Source: Orange County Register