The start of summer put a bit of a chill into Orange County homebuying, notably in the market’s upper crust.
Overall, 3,834 Orange County residences closed escrow and officially sold in the 22 business days ending June 27, up just 0.2 percent from a year ago, CoreLogic reported. Sales rose in only 41 of 83 Orange County ZIP codes compared to the year-ago period.
Orange County’s median selling price for all residences was $695,000 — up 5.3 percent compared to a year ago. Prices were up in 57 of 83 Orange County ZIPs compared to the previous year.
Please note high-end sluggishness shown in the report …
Builder sales: Often the market’s priciest homes, 387 new homes sold — down 9.4 percent from a year ago. Median selling price was $785,000 — down 6.9 percent from a year ago.
27 priciest ZIPs: This niche — median sales price of $770,000 and up — had 1,279 homes sold. That’s up just 0.2 percent compared to a year ago.
Seven-figure ZIPS: In 10 Orange County ZIP codes with median selling prices above $1 million, sales totaled 329 homes, down 1.2 percent compared to a year ago.
In other key slices of the Orange County market …
Single-family home resales: 2,430 sold — up 2.5 percent from a year ago. Median selling price was $760,000 — up 5.6 percent from a year ago.
Resale condos: 1,017 sold — down 1.2 percent from a year ago. Median selling price was $485,000 — up 7.8 percent from a year ago.
27 least expensive ZIPs: Median sales price at $590,000 and below — 1,009 homes sold. That’s down 7.6 percent compared to a year ago.
Most expensive ZIP? Newport Coast 92657 with a median selling price of $2.9 million. Next was Newport Beach 92661 at $2.71 million.
Cheapest? Laguna Woods 92637 with a $350,000 median price; Stanton 90680 followed with a $395,500 median.
The slowing sales pace may be due to a steep drop in options for buyers. ReportsOnHousing says inventory of existing homes to buy is down 18 percent in a year.