Home prices in Orange County tops $1 million

For the first time ever the median home price in Orange County has topped $1 million.

"Ever since the pandemic, real estate just really rebounded," said real estate broker Brett Smith. "I think people took time to realize we need more space and maybe we want to relocate and it just caused a housing boom."

The real estate mark has rebounded so much that in a span of two days, Smith had nine offers for two of his properties in San Juan Capistrano — one of which sold for $220,000 over the asking price. According to the latest figures, in 45 out of 83 zip codes there are homes that are at least $1 million with many overpaying simply because there are no other options available. 

"People are just buying because there's nothing else available," said Mission Viejo resident Tony Alvarez. "They are paying as much as they have to make the deals."

While the market has boomed in the past year, there's been a drop in sales in March and some expect the same in April which has not happened since 2009. 

"Again we have low inventory levels, interest rates have now risen and things are definitely slowing," said Smith.

While it has slowed down, it is still a seller's market just with fewer offers despite higher interest rates eliminating some buyers. And instead of properties being sold in one weekend, it may take a few weeks.