Santa Ana homebuying drops 4% as Orange County sales hit five-year low

Homebuying in Santa Ana fell 4% as Orange County sales stalled to the slowest pace since 2014.

CoreLogic homebuying stats show May was the 10th consecutive month Orange County home sales failed to beat the pace of the year-ago period. Plus, this was the slowest-selling May countywide in five years as sales ran 13% below their historical monthly norm. Fewer buyers cut the countywide median selling price by the largest amount in seven years.

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How do these homebuying patterns translate locally? Well, CoreLogic found these 12 trends in six ZIP codes covered by Santa Ana …

1. Purchases: Home sales for May totaled 177 vs. 184 a year earlier, a decline of 3.8% in a year.

2. Who’s up: Prices increased in 3 of the 6 ZIPs as sales rose in 4 ZIPs.

3. Countywide: $720,500 median selling price, down 2.6% in a year. Orange County saw 3,313 existing and new residences sell vs. 3,526 a year earlier, a decline of 6.0% in a year. Prices rose in 44 out of 83 Orange County ZIPs; sales were up in 40 out of 83 ZIPs.

Here is how prices and sales moved in Santa Ana …

4. Santa Ana 92701: $364,500 median, up 32.5% over 12 months. Price rank? 82nd of 83 Orange County ZIPs. Sales of 28 vs. 20 a year earlier, up 40.0% in a year.

5. Santa Ana 92703: $480,000 median, down 8% over 12 months. Price rank? 79th of 83 Orange County ZIPs. Sales of 25 vs. 40 a year earlier, a decline of 37.5% in a year.

6. Santa Ana 92704: $528,500 median, down 3% over 12 months. Price rank? 73rd of 83 Orange County ZIPs. Sales of 40 vs. 37 a year earlier, up 8.1% in a year.

7. Santa Ana 92705: $888,500 median, up 9.4% over 12 months. Price rank? 22nd of 83 Orange County ZIPs. Sales of 40 vs. 38 a year earlier, up 5.3% in a year.

8. Santa Ana 92706: $625,000 median, down 12% over 12 months. Price rank? 59th of 83 Orange County ZIPs. Sales of 21 vs. 20 a year earlier, up 5.0% in a year.

9. Santa Ana 92707: $508,500 median, up 28.7% over 12 months. Price rank? 77th of 83 Orange County ZIPs. Sales of 23 vs. 29 a year earlier, a decline of 20.7% in a year.Sign up for The Home Stretch newsletter and its new Bubble Watch edition. Get a  twice-a-week serving of hot housing news from around the region! Subscribe here.

Plus, three more countywide trends found in May vs. May 2018 …

10. Single-family-home resales: 2,107 Orange County sales vs. 2,135 a year earlier, a decline of 1.3% in the period. Median: $800,000 — a rise of 0.6% in the period.

11. Condo resales: 944 sales vs. 939 a year earlier, a gain of 0.5% in a year. Median: $497,500 — a dip of 1.5% in 12 months.

12. New homes: Builders sold 262 residences vs. 452 a year earlier, a decline of 42% in 12 months. Median: $944,000 — a dip of 4.3% in 12 months.