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Mid-summer homebuying down 12% in million-dollar Orange County ZIPs

Mid-summer homebuying down 12% in million-dollar Orange County ZIPs

In Orange County’s priciest ZIP codes, home sales were 12 percent lower than a year earlier, according to the most recent home buying data from CoreLogic. The most expensive ZIP code was Newport Beach 92662, with a median selling price of $ 3.85 million, followed by Newport Beach 92661 at $ 1.98 million. FILE PHOTO

More evidence it’s been a cool summer at the top of Orange County’s real estate heap: The mid-August sales pace in million-dollar neighborhoods ran 12 percent slower than a year earlier.

CoreLogic home buying data for the 22 business days ending August 11 showed that in the nine Orange County ZIP codes with median selling prices above $ 1 million, sales totaled 222 homes vs. 254 in the same period a year ago. Countywide, 3,454 Orange County residences sold in the period, up 8.2 percent from a year ago.

It wasn’t just seven-figure communities where selling was slower than the norm. Sales rose in only 55 of 83 Orange County ZIPs compared to the year-ago period.

But in the 27 priciest ZIPs – median price beginning at $ 715,000 – a sales uptick trailed the countywide increase, with purchases up 6.4 percent compared to a year ago vs. an 8.2 percent jump for the entire market. (By the way: The most expensive ZIP code was Newport Beach 92662 with a median selling price of $ 3.85 million. Next was Newport Beach 92661 at $ 1.98 million.)

Overall, prices remain on the upswing. Orange County’s median selling price for all residences was $ 615,000 – up 5.1 percent compared to a year ago, CoreLogic reported.

As for other key slices of the Orange County market:

• Single family homes: Median selling price of $ 680,000 – up 4.6 percent from a year ago. Sales totaled 2,231 homes – up 14.3 percent from a year ago.

• Resale condos: Median selling price of $ 432,000 – up 5.6 percent from a year ago. Sales totaled 1,007 – up 14.7 percent from a year ago.

• New homes: Median price of $ 803,500 – up 2.4 percent from a year ago. Builders sold 216 new homes, down 40.2 percent from a year ago.

The Orange County Register – News Headlines : Real Estate News