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Home Prices Rise in 55% of OC ZIPs

Sixty-one out of the 83 Orange County ZIP codes--more than half of the county--showed a rise in median home prices in the month ending February 5th, according to real estate data provider DataQuick.

Median home prices were up 14.9% countywide compared to a year ago, a sign that the housing crisis has reached bottom and is now on the road to recovery. The numbers are still 34% below the peak achieved in June 2007, but have been rising steadily the past few months.

More than half of the neighborhoods also showed year-over-year sales gains; median sales volume in 44 out of 83 ZIPs were higher than average compared to this time last year. Of these, 11 saw gains of 100% or more. The sales volume for all of OC was 2,192 homes, 14.9% higher than a year ago.

Thirty-two ZIPs saw increases in both sales and median home price gains, most of them in inland neighborhoods. This suggests that the high prices of waterfront homes may have partly contributed to their slowdown and continue to impede their recovery.

Also worth noting is the drop in the number of "million-dollar" ZIPs, or areas where the median price is above $1 million. Seven neighborhoods qualified for the group this year, compared to 11 during the 2007 peak.

Countywide, the median sale price is $425,000, well above the statewide and nationwide averages. Newport Beach 92661 posted the highest median at $4.8 million, while Laguna Woods has the cheapest homes at $193,500.