Despite an overall dip in California home prices after a rise in mortgage interest rates, prices in some Orange County neighborhoods have hit record highs.
Of the top 10 zip codes where typical home values broke records in June, six were in the OC cities of Newport Beach, Irvine and Tustin, the San Francisco Chronicle reported, citing figures from Zillow.
Of the 34 zip codes with record average home prices, 15 were in Orange, Los Angeles and San Diego counties. Much of the low end of the list was in the Central Valley, where average home prices in such cities as Fresno are far below the statewide average of $743,000.
The second and third top zips were in Newport Beach, where homes in 92657 averaged $4.3 million, and those in 92663 averaged $2.4 million.
Irvine, whose 92602 ranked fourth with a record average value of $1.2 million, came on strong, with four of the dozen top zip codes. Santa Ana, whose 92701 ranked 15th, had an average value of $606,000.
California home prices are still down 4 percent from a year ago, when the state’s real estate market was at its hottest, according to Zillow, whose zip code values are based on prices of recently sold homes and the estimated value of all homes based on selling-price trends.
At the top of the list was 90210, the famous Beverly Hills zip code with an average home value record last month of $5.5 million.
In Los Angeles, 90024 came in fifth, with the record average price on either side of Wilshire Boulevard through Westwood was $1.4 million. A typical home in 90057, ranked 16th, was $565,000, a record for the Westlake area around MacArthur Park.
In Arcadia, whose 91007 in the San Gabriel Valley ranked sixth overall, a typical home was valued at $1.4 million.
Only one Bay Area postal code broke a home values record last spring: 94595 in the East Bay suburb of Walnut Creek ranked 14th at $744,000. Atherton, long the highest priced zip code for real estate in the U.S. broke no new bounds.
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— Dana Bartholomew