Homebuying in Irvine, Tustin: Up 86% since the bubble burst

Homebuying in Irvine and Tustin rose 86 percent in 10 years.

In the first quarter of 2008, housing’s bubble was bursting and it was just months before the global financial collapse that led to the Great Recession. This three-month period still stands as Orange County’s slowest-selling start to any year in CoreLogic’s database that dates to 1988.

ICYMI: O.C. housing’s rebound from the crash

We decided to see how neighborhood housing markets fared since, comparing homebuying’s start of 2008 vs. this year’s first three months.

CoreLogic found these 17 trends in 11 ZIP codes covered by the Orange County Register’s Irvine World News weekly …

1. Purchases: Home sales in this period totaled 1254 vs. 676 a decade ago, a gain of 85.5 percent.

2. Who’s up: Prices increased in 11 of the 11 ZIPs as sales rose in 9 ZIPs.

3. Countywide: $710,000 median selling price, up 38.4 percent. Orange County sales totaled 7,800 residences, existing and new, vs. 4,419 a decade ago, a gain of 76.5 percent. Prices rose in 79 out of 83 Orange County ZIPs and sales were up in 76 out of 83 ZIPs.

Here is how prices and sales moved at the community level …

4. Irvine 92602: $1,192,000 median, up 68.8 percent. Price rank? 8th of 83. Sales of 66 vs. 61 a decade ago, a gain of 8.2 percent.

5. Irvine 92603: $1,150,000 median, up 24.2 percent. Price rank? No. 10 of 83. Sales of 54 vs. 52 a decade ago, a gain of 3.8 percent.

6. Irvine 92604: $790,000 median, up 43.9 percent. Price rank? No. 27 of 83. Sales of 58 vs. 44 a decade ago, a gain of 31.8 percent.

7. Irvine 92606: $770,000 median, up 30.6 percent. Price rank? No. 30 of 83. Sales of 25 vs. 39 a decade ago, a decline of 35.9 percent.

8. Irvine 92612: $714,500 median, up 68.8 percent. Price rank? No. 38 of 83. Sales of 96 vs. 84 a decade ago, a gain of 14.3 percent.

9. Irvine 92614: $664,000 median, up 41.3 percent. Price rank? No. 50 of 83. Sales of 48 vs. 33 a decade ago, a gain of 45.5 percent.

10. Irvine 92618: $811,000 median, up 48.9 percent. Price rank? No. 24 of 83. Sales of 362 vs. 60 a decade ago, a gain of 503.3 percent.

11. Irvine 92620: $962,000 median, up 42.5 percent. Price rank? No. 13 of 83. Sales of 301 vs. 105 a decade ago, a gain of 186.7 percent.

12. Tustin 92780: $659,000 median, up 53.3 percent. Price rank? No. 51 of 83. Sales of 86 vs. 69 a decade ago, a gain of 24.6 percent.

13. Tustin 92782: $751,500 median, up 31.6 percent. Price rank? No. 33 of 83. Sales of 71 vs. 75 a decade ago, a decline of 5.3 percent.

14. Santa Ana/North Tustin 92705: $915,000 median, up 30.7 percent. Price rank? No. 18 of 83. Sales of 87 vs. 54 a decade ago, a gain of 61.1 percent.

Let’s toss in three more countywide trends …

15. Single-family homes resales: 4,614 Orange County sales vs. 2,853 a decade ago, a gain of 61.7 percent. Median: $760,000 — a rise of 32.2 in the period.

16. Condo resales: 2,097 sales vs. 1,080 a decade ago, a gain of 94.2 percent. Median: $495,000 — a rise of 32.0 in the period.

17. New homes: 1,089 sales vs. 487 a decade ago, a gain of 123.6 percent. Median: $873,000 — a rise of 63.8 in the period.