23 Irvine Homes Went Under Contract. Great Park and Eastwood Moved First Where List Prices Reset

By Irene and Ricky Zhang (CA DRE# 01967217 / 01972236), Keller Williams Realty Irvine. Data period: October 22–28, 2026 (Thursday to Wednesday). Published October 30, 2026. 中文版

Key Takeaways

• 23 homes went under contract in Irvine, California from October 22 to 28, 2026, up from 20 but about half a normal week of roughly 40. They were listed at an average of $756 per square foot.
• Great Park led with six contracts at an average list price of $700 a foot. Eastwood had three at a list price of $851, down from close to $1,000 at its peak.
• Twenty homes closed at an average of $796 a foot, down from $822 the week before ($808 excluding Shady Canyon). Closed prices are not rebounding.
• New resale listings (excluding two in Turtle Ridge) asked $803 a foot, about $47 more than the list prices of homes going under contract. That's a gap between list prices, not a closing discount.
• Irvine had 600+ homes for sale as of October 29, about 28 weeks of supply at the recent pace. The 30-year fixed rate was 7.24% on October 29 (Freddie Mac).

The short version: From October 22 to 28, 2026, 23 homes went under contract in Irvine, California, about half of a normal week of roughly 40. Great Park led every neighborhood: six homes went into escrow at an average list price of $700 per square foot, $56 below the $756 average for all Irvine homes that went under contract that week. Where prices have reset, homes are moving. But the 20 homes that closed the same week averaged $796 a foot, down from $822 the week before, so overall prices are still finding their level. Here's what the data from October 22 to 28 shows (last week's update: Only 20 Irvine Homes Went Under Contract).

It's the end of October, and the days are flying by. Homes are not. The week before (October 15 to 21) we said Irvine's weekly contract count had been cut in half, and this week wasn't much better. No need to panic, and no reason to be too optimistic either.

Rates eased again. Freddie Mac's 30-year fixed average was 7.24% on October 29, 2026, down from 7.32% the week before. A year ago it was 6.17%.

1. Closed prices averaged $796 a foot, lower than the week before. Watch volume

Twenty Irvine homes closed from October 22 to 28 at an average of $796 per square foot. Only one sold for more than $3 million. The week before, closings averaged $822 a foot, or $808 without one Shady Canyon sale, and that number still included two large Orchard Hills homes. So $796 is not a rebound. It is a little lower than the week before; it only looks higher than the $758 to $765 averages from the first three weeks of October because a different mix of homes closed each week.

Prices bounce around from week to week, and that's normal. A few more expensive homes close and the average goes up; a few more affordable ones and it goes down. What we watch more closely is how many homes actually sell each week. Falling volume usually shows up before prices adjust.

Only 23 homes went under contract from October 22 to 28, up from 20 the week before, and those 23 were listed at an average of just $756 per square foot. One week is a small sample. But a normal Irvine week has about 40 new contracts, and the last two weeks together came to 43. Volume this low for this long deserves attention.

2. Where homes are going under contract: Great Park and Eastwood

Great Park: about $700 a foot at list, and buyers are taking it

For a while, people said Great Park was the hardest place in Irvine to sell. From October 22 to 28 it had the most new contracts of any neighborhood: six homes went into escrow at an average list price of $700 per square foot, $56 below the citywide $756. Final sale prices will be known when they close.

Great Park was one of the first Irvine neighborhoods to adjust, and it has been adjusting for a long time. A big reason is new construction: builders around Great Park keep releasing new homes, so resale homes compete with them for the same buyers and had to adjust first. At a list price of around $700 a foot, buyers are now stepping in.

That doesn't mean prices will just keep falling once they start. Homes have real value. The market has to find, one sale at a time, the price buyers will accept, and other neighborhoods will find theirs too.

Eastwood: list prices back to $851 from nearly $1,000

Eastwood came second. It was one of the most sought-after neighborhoods a few years ago, then went through a long stretch where homes were hard to sell. From October 22 to 28, three Eastwood homes went under contract at an average list price of $851 per square foot.

At its peak, Eastwood sold for close to $1,000 a foot. A long time ago Ricky pointed out in a video that Eastwood and Orchard Hills were both selling for about $1,000 a foot, which meant either Orchard Hills was too cheap or Eastwood was too expensive. Looking back, Eastwood was too expensive. At a list price of $851, buyers are stepping in.

A note on sample size: six homes in Great Park and three in Eastwood, in different sizes and floor plans, only show the direction. To know what your home is worth, compare recent sales of the same plan in your own neighborhood.

3. New construction is moving, and builders are buying down rates

New construction was busy too. Six builder homes listed on the MLS went into escrow from October 22 to 28, which is a fairly quick pace. We don't know how many homes builders sold in total, but the MLS tells us something: the resale market may not be slow because nobody is buying. A lot of buyers are going to new homes instead.

Why are new homes selling now? First, builders are willing to cut prices, and when the price is right, buyers show up. Second, builders can buy down a buyer's mortgage rate for the first few years, something most resale sellers can't afford to do. Builders bought their land early, their costs are lower, and their margins are big enough to give a little more.

Builders also added eight more homes to the MLS that week. When new homes sell easily, builders usually don't put them on the MLS at all; the sales office handles it. When they do list on the MLS, it means they're still working through inventory. If you want to buy before year-end, new construction is worth a look.

Those incentives won't be printed on a flyer, though. You have to negotiate. Our team recently negotiated a very large incentive for a client buying a Toll Brothers home, and the sales team told us they rarely go that far. We can't share the amount, but if you're shopping new construction, talk to us first.

Resale sellers can offer a rate buydown too

We talked with every seller we represent about adding one line to their listing description: the seller will pay to buy down the buyer's mortgage rate for the first few years.

Here's why it works. A buyer's income doesn't change when rates go up, but the monthly payment does, so the loan they qualify for gets smaller and so does the price they can pay. If the seller covers part of the payment in the early years, the buyer can afford more. Here's an example on a $1 million, 30-year fixed loan:

Rate buydown example: $1,000,000 loan, 30-year fixed (principal and interest only; excludes taxes, insurance, and HOA)

• Year 1: rate: 5.24%; monthly payment: about $5,516; savings vs. 7.24%: about $1,299 a month
• Year 2: rate: 6.24%; monthly payment: about $6,151; savings vs. 7.24%: about $664 a month
• Year 3 on: rate: 7.24%; monthly payment: about $6,815; savings vs. 7.24%: none

This is a common 2-1 buydown: 2 points lower in year one, 1 point lower in year two. Based on the table, it would cost the seller about $24,000, usually paid to the lender out of the seller's proceeds at closing. Actual costs and terms depend on the lender.

Compare that with a price cut. Take the same $24,000 off the price and, on a $1 million loan at 7.24%, the monthly payment drops by only about $164. The 2-1 buydown cuts it by $1,299 a month in year one and $664 in year two. In the end the money comes from the same place, and the final sale price still matters most. But for buyers squeezed by monthly payments, lower payments in the first two years often help more than a straight price cut. We used this a year or two ago and it worked well, so we're bringing it back.

4. 28 new listings, asking about $47 a foot more than the list prices of homes going under contract

Twenty-eight resale homes came on the market from October 22 to 28 at an average of $863 per square foot. Two of them are in Turtle Ridge and are priced very high, one at more than $1,500 a foot and one at more than $1,700. Without those two, the other 26 averaged $803.

$803 looks reasonable next to the $796 closed average. The better comparison is with homes that actually went under contract the same week: those 23 were listed at $756. New listings are asking about $47 a foot more. In other words, the homes that are getting contracts are priced well below what new sellers are asking. Keep in mind this is a gap between two sets of list prices, not a discount off asking at closing.

Irvine market data, October 22–28, 2026 (CRMLS, compiled by our team)

• Closed sales: this week: 20, average $796/sq ft; 1 above $3M; prior week (Oct 15–21): average $822 ($808 excluding Shady Canyon)
• New contracts (pending): this week: 23, listed at an average $756/sq ft; Great Park 6 ($700), Eastwood 3 ($851), new construction on MLS 6; prior week (Oct 15–21): 20 (incl. 2 luxury homes)
• New resale listings: this week: 28 at $863; 26 at $803 excluding 2 in Turtle Ridge; prior week (Oct 15–21): 30; 27 at $810 excluding 3 luxury homes
• Builder homes newly added to MLS: this week: 8; prior week (Oct 15–21): n/a
• Homes for sale (as of Oct 29): this week: 600+; prior week (Oct 15–21): n/a
• 30-year fixed rate: this week: 7.24% (Oct 29); prior week (Oct 15–21): 7.32% (Oct 22)

A rule of thumb for buyers: before you look at the asking price, look up what similar homes in the same neighborhood went under contract and sold for recently. This week new listings were asking about $47 a foot more than the list prices of homes that got contracts. That's a gap between list prices, not a discount you can count on, so use it only as a starting point for comparison. Every home is different. Homes that are priced fairly or already had a price cut leave less. Others are clearly overpriced (see Low Inventory Won't Save an Overpriced Irvine Listing), and even $50 off isn't enough; if a home has sat for two or three weeks with no offers, that's a sign. Pay full price on one of those and you lose.

To judge whether a list price makes sense, we look at nearby sales and price-cut history and combine that with AI valuation tools to estimate a price closer to where the home will really sell. If you've found a home and aren't sure about the price, send us the address or call or text Ricky at 949-208-5555.

5. 600+ homes for sale, more than six months at this pace

As of October 29, 2026, Irvine has more than 600 homes for sale. At the recent pace of about 21 contracts a week (20 and 23 in the last two weeks), 600 homes would take about 28 weeks, a bit more than six months, and that assumes no new listings at all. In reality more than 20 new listings come on every week, and more homes are being listed than going under contract.

In most years, listings dry up toward year-end, sales outpace them, and inventory falls. This year is different. Across Orange County, Realtor.com data published through FRED shows:

• Active listings: 4,735 in September 2026, slightly down from 4,874 in August but 4% above the 4,559 of September 2025, and well above the 3,991 of April.
• Pending listings: 1,655 in September, 18% below the 2,027 of September 2025. Fewer buyers are signing.
• Median days on market: 53 in September, longer than 43 in April but slightly shorter than 57 a year earlier.

Put simply, the county has a few more homes for sale than a year ago and almost a fifth fewer contracts. Irvine is moving in the same direction.

Where are the extra listings coming from? Among the owners calling us to sell lately, most are landlords. As we've said before, early next year may not be a great time to sell. Leases are ending, tenants are moving out, and many landlords are choosing to sell. Some face refinancing pressure, some find the rental return too thin, and some have better uses for the money. Expecting inventory to drop by year-end isn't realistic this year.

6. The first half of 2027 may be tough. If you plan to sell, don't wait

Ricky's view is that the market won't be especially strong in the first half of 2027 and could keep adjusting. Everyone has their own read, and if you think next year will be better, that's fine. But if you were already planning to sell, stop debating year-end versus early next year (we ran the numbers in Should You Wait to Sell Your Irvine Home?). List when you're ready.

Adjust your expectations, too. Selling in a week is mostly a thing of the past. Give yourself three to four months to find the right buyer at a fair price.

Pricing is the key. Listing low and hoping for a bidding war isn't realistic right now, and listing high and waiting for a big cut means buyers won't even make an offer. Price it right and watch the feedback. We used to review pricing after three weeks on the market. Now we recommend reviewing at two weeks and adjusting right away if it isn't working.

We went through every home we have on the market, one by one, with Ricky's coach: each home's situation, open house traffic, and nearby sales and competition. We made targeted price adjustments and will review every week from here, with the goal of getting these homes sold by year-end. Price changes need to happen faster than before. Waiting doesn't help. To see where your own home should be priced, get a free home valuation.

Our take

Sellers: When the price matches what the market accepts, homes sell. Great Park and Eastwood show it. Review your price at two weeks, and consider offering buyers a rate buydown.

Landlords: More rentals are likely to hit the market in the first half of 2027. If you already want to sell, don't wait until then.

Buyers: Should you wait? More homes are for sale, fewer are going under contract, and prices could adjust further in the first half of 2027, so negotiating room is growing. But nobody can time the bottom, and rates can move too. If your plans are firm, take your time and negotiate: compare with recent contracts in the same neighborhood, since new listings are still asking about $47 a foot more than the list prices of homes getting contracts. Builders are clearing inventory before year-end, and their best incentives come through negotiation.

This is our read of the current data, not a guarantee. Whether you're buying or selling in Irvine, reach out to Ricky for a one-on-one conversation, and we'll walk through the numbers for your situation.

Frequently Asked Questions

What are Great Park homes selling for in Irvine right now?

From October 22 to 28, 2026, six homes in Great Park, Irvine went under contract at an average list price of $700 per square foot, $56 below the $756 average for all Irvine homes that went under contract that week. These are list prices; final sale prices are known at closing. Great Park was one of the first Irvine neighborhoods to adjust, partly because resale homes compete with nearby new construction, and at around $700 a foot buyers are stepping in.

How far above the market are new Irvine listings priced right now?

From October 22 to 28, 2026, new resale listings in Irvine (excluding two in Turtle Ridge) asked $803 per square foot, while the 23 homes that went under contract the same week were listed at $756, a gap of about $47. That's a difference between two sets of list prices, not a discount at closing. Start with recent contracts and sales of the same plan in the same neighborhood: fairly priced homes leave less room, and homes that sit for weeks with no offers may be off by more than $50.

Is a seller-paid rate buydown worth it?

It can be a strong draw for buyers today. On a $1 million, 30-year fixed loan at 7.24%, the monthly principal and interest is about $6,815. A common 2-1 buydown lowers it to about $5,516 in year one and $6,151 in year two, at a cost to the seller of roughly $24,000. The final sale price still matters most, and the lender sets the actual terms.

Should I sell my Irvine home this year or wait until early next year?

If you were already planning to sell, we'd list when you're ready rather than waiting. As of October 29, 2026, Irvine had more than 600 homes for sale, about 28 weeks of supply at the recent pace of roughly 21 contracts a week, and more rentals may come on the market in the first half of 2027. Plan on three to four months to sell and review your price after two weeks.

About Irene and Ricky Zhang

Irene and Ricky Zhang are a husband-and-wife real estate team with Keller Williams Realty Irvine (Irene Zhang CA DRE# 01967217, Ricky Zhang CA DRE# 01972236). RealTrends Verified ranks Irene and Ricky Zhang the #1 small team in Irvine by both sales volume and transaction sides (2026 City Rankings, based on 2025 production). The two met at Procter & Gamble, where they spent eight years in Customer Business Development. They moved to Irvine in 2014 and soon started their real estate careers.

Today the team brings more than a decade of real estate experience. Irene and Ricky specialize in Irvine's master-planned communities, including Great Park, Woodbridge, Turtle Rock, and Orchard Hills, with pricing based on recent sales, targeted marketing, and careful negotiation. They speak English, Mandarin, and Cantonese and work with local and international clients across Irvine and Orange County.

Call or text Ricky at 949-208-5555, email [email protected], or WeChat Rickyzhang426.

中文版：尔湾一周签约 23 套，房价调到位的大公园和 Eastwood 先卖动了

Sources

1. Freddie Mac Primary Mortgage Market Survey, October 29, 2026: 30-year fixed average 7.24%; 7.32% the week before; 6.17% a year earlier: freddiemac.com/pmms
2. Realtor.com housing inventory data for Orange County, CA, via FRED: active listings ACTLISCOU6059 (3,991 in April 2026, 4,735 in September 2026); pending listings PENLISCOU6059 (1,655 in September 2026, 2,027 in September 2025); median days on market MEDDAYONMAR6059 (43 in April 2026, 53 in September 2026): fred.stlouisfed.org
3. CRMLS closed, pending, and new listing data for Irvine, compiled weekly by Irene and Ricky Zhang

Equal Housing Opportunity. Irene Zhang CA DRE# 01967217 | Ricky Zhang CA DRE# 01972236 | Keller Williams Realty Irvine | Regulated by the California Department of Real Estate. Market data in this article is based on our team's review of Irvine MLS closed, pending, and new listing records from October 22 to 28, 2026, and is provided for informational purposes only. This article is general information only and does not constitute legal, tax, or financial advice; confirm your specific numbers with your closing agent, tax advisor, or lender. If your property is currently listed with another real estate broker, please disregard this offer. It is not our intention to solicit the offerings of other real estate brokers. We cooperate with them fully.