Trabuco Canyon Home Sales Drop In OC Housing Slump

TRABUCO CANYON, CA — Home purchasing in Orange County has flattened out, according to CoreLogic, a real estate trends company. In the first half of 2019, the number of sales has declined 12.5-percent while prices have risen in several communities.

In Orange County, according to the report listed in the Orange County Register, single-family homes have dropped by 8.5-percent, with a drop of the median home selling price to $780,000 county-wide.

Condominium sales have declined just 10-percent, and the median condo resale price remains at only $500,000.

New construction sales declined by 34.4-percent, compared to last year, though the median price has risen almost 6-percent in the past year, to just over $1 million per newly constructed residence.

Laguna Beach remains the 5th highest of the cities CoreLogic focused on, with a median price of $1.9 million for the 92651 zip code. Thus far, 195 homes have sold in the area, dropping 11-percent since the 219 homes recorded sold in 2018.

In Corona Del Mar, the median price has gone up by 3.5-percent to $2.5 million, though sales have declined by 27-percent since 2018.

In Newport Beach's prestigious 92662 zip code, the median home selling price is up to 15-percent to $3.15 million, though sales have declined by 44-percent.

Further north, in Garden Grove, Fountain Valley, and Huntington Beach, home sales have declined by 12-percent.

In Lake Forest, Mission Viejo, Rancho Santa Margarita, and San Juan Capistrano areas, home sales have declined by almost 20-percent, CoreLogic says.

During the first six months of the year, "falling mortgage rates could not override the slipping consumer confidence," OC Register reported.

In Mission Viejo, there was a decline in sales by 13.3-percent, CoreLogic reported.

In Lake Forest, there was a decline of 40-percent over the past year, and the median selling price of a 92630 home was down to $692,000.

In Rancho Santa Margarita, the median selling price was down to just over $600,000, with a decline in houses sold from 382 in 2018 to a mere 338 in 2019 thus far.

In Trabuco Canyon, the median selling price dropped to just over $930,000, down 8.5-percent over 12 months. The number of houses sold in this area has declined by 4.4-percent in the past year.

San Juan Capistrano saw the median home price drop to $769,000, declining to only 9,912 homes sold compared to 10,833 sold in 2018.

All factors contribute to Orange County's lowest home sales since 2011.