Orange County may have 73% more million-dollar ZIP codes in a year, but sales fell 37% in those seven-figure neighborhoods during the past 12 months.

The pandemic’s homebuying binge has boosted the number of million-dollar Orange County neighborhoods by 19 in a year and 28 over 24 months. At the same time, the market lost 11 “affordable” communities in 12 months and 38 since June 2020.

My trusty spreadsheet, filled with June homebuying stats from DQNews/CoreLogic for 83 Orange County ZIP codes, explored how home pricing has changed in the past two years. “Expensive” ZIPs have median sales prices $1 million and higher while “affordable” neighborhoods have medians of $750,000 or below.

Yes, I agree that $750,000 is a lot of money. But as recently as May 2020, $750,000 bought you a median-priced Orange County home. That same home-price benchmark is now $1,025,000.

Let’s look at how the ranks of such expensive and affordable communities have changed …

June: 45 seven-figure ZIPs with 1,500 sales — 54% of all purchases and seven “affordable” ZIPs with 137 sales, or 5% of all purchases. The high-end included 9 ZIPs priced at $2 million or more.

May: 47 seven-figure ZIPs with 1,524 sales — 52% of all purchases and eight “affordable” ZIPs with 324 sales, or 11% of all purchases. The high-end: Nine ZIPs at $2 million or more.

June 2021: 26 million-dollar ZIPs with 1,338 transactions —  32% of all purchases and 18 “bargain” ZIPs with 609 sales, or a 23% slice. $2 million or more: 7 ZIPs.

June 2020: 17 ZIPs above $1 million with 481 closings — a 31% slice vs. 45 sub-$750,000 ZIPs with 1,084 purchases, or 69% of all sales. $2 million or more: 5 ZIPs.

Orange County now has 54% of its ZIP codes with seven-figure pricing vs. 20% in June 2020. A feeding frenzy during the pandemic era’s first two years bumped the countywide median price to $1,025,000 for June, up 14% in a year an 8% gain in the previous 12 months.

But the buying binge appears to be over. Lofty pricing and sharply rising mortgage rates have scared off many house hunters. June had 34% fewer sales at all price levels compared with a year earlier, and the 45 seven-figure ZIPs had 37% fewer purchases. Sales in ZIPs below $750,000 were off 26% in the same period.

Let’s look at what ZIPs are in Orange County’s million-dollar club for June and then 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/junepricingoc)

New to the club

ZIP codes in the latest million-dollar club that were not a member back in June 2021 …

Irvine 92618: $1.5 million — up 53%.

Yorba Linda 92887: $1.3 million — up 34%.

Laguna Niguel 92677: $1.2 million — up 23%.

Tustin 92782: $1.2 million — up 28%.

Fullerton 92835: $1.2 million — up 22%.

Yorba Linda 92886: $1.2 million — up 17%.

Brea 92823: $1.2 million — up 34%.

Irvine 92604: $1.1 million — up 15%.

Huntington Beach 92647: $1.1 million — up 24%.

Anaheim 92807: $1.1 million — up 27%.

Foothill Ranch 92610: $1.1 million — up 25%.

Orange 92869: $1.1 million — up 30%.

Mission Viejo 92691: $1.1 million — up 18%.

Lake Forest 92630: $1.1 million — up 13%.

Fountain Valley 92708: $1.0 million — up 16%.

Tustin 92780: $1.0 million — up 21%.

Brea 92821: $1.0 million — up 21%.

La Palma 90623: $1.0 million — up 10%.

Still members

Seven-figure ZIP codes that also were June 2021 club members …

Newport Beach 92662: $4.9 million — unchanged in 12 months.

Newport Coast 92657: $4.8 million — up 5%.

Newport Beach 92661: $4.2 million — up 47%.

Dana Point 92624: $3.7 million — up 225%.

Corona del Mar 92625: $3.1 million — off 5%.

Villa Park 92861: $2.6 million — up 69%.

Newport Beach 92660: $2.4 million — up 3%.

Laguna Beach 92651: $2.4 million — off 9%.

Irvine 92603: $2.1 million — up 33%.

Irvine 92602: $2.0 million — up 34%.

San Clemente 92673: $1.7 million — up 23%.

Irvine 92620: $1.6 million — up 33%.

Dana Point 92629: $1.5 million — up 6%.

Los Alamitos 90720: $1.5 million — up 20%.

San Clemente 92672: $1.4 million — up 16%.

Huntington Beach 92649: $1.4 million — up 37%.

Trabuco/Coto 92679: $1.4 million — up 6%.

Santa Ana 92705: $1.3 million — up 2%.

San Juan Capistrano 92675: $1.3 million — off 8%.

Seal Beach 90740: $1.3 million — up 7%.

Costa Mesa 92627: $1.3 million — up 5%.

Newport Beach 92663: $1.3 million — off 50%.

Costa Mesa 92626: $1.2 million — up 23%.

Huntington Beach 92648: $1.2 million — off 12%.

Ladera Ranch 92694: $1.1 million — up 9%.

Huntington Beach 92646: $1.1 million — up 10%.

O.C. ‘bargains’

And Orange County’s sub-$750,000 ZIP codes in June 2021 …

Santa Ana 92707: $707,500 —  up 28%.

Garden Grove 92844: $693,000 —  up 18%.

Anaheim 92801: $690,000 —  up 0%.

Santa Ana 92701: $680,000 —  up 83%.

Santa Ana 92703: $680,000 —  up 9%.

Santa Ana 92704: $580,000 —  off 3%.

Laguna Woods 92637: $415,000 —  off 10%.

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected]

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