Orange County loses million-dollar ZIP codes as home prices drop

The Orange County housing market has cooled due to rising mortgage rates and economic uncertainty. The number of $1 million ZIP codes has decreased from 46 to 38 in the past year, while the number of "affordable" neighborhoods has increased from 11 to 14. The median selling price for the county has fallen by 3%, with the total number of sales dropping by 34%. The 30-year mortgage rate has risen from 4.2% to 6.5%, resulting in the cost of financing for the typical buyer increasing by 27%. The three priciest ZIP codes are in Newport Beach, while the cheapest are in Laguna Woods, Santa Ana