Why are OC and San Diego housing prices the same? (Orange: houses, neighborhoods)

[dls]

Orange county always seemed to be more expensive than San Diego
(pre-boom).
Now they are about the same as far as I can see. So what happened to change the relative values?

(For instance, Mission Viejo seems to be the same as
the Tierrasanta/Del Cerro neighborhoods of San Diego.
Newport/Laguna Beach seems the same
as La Jolla or coastal San Diego north county.)

[Charles]

How deeply of an analysis was performed? Where apples to apples compared? There are so many permutations of variables that it seems it would be difficult to make such a conclusion. Did a reputable organization provide data?

[dls]

No, I've just been watching the 2 markets from a distance for about 20 years now,
and that's my impression. If anyone thinks otherwise, I'm all ears.

Before the boom, I recall seeing mainstream 1700-2000 sf houses (with
no other particular drawbacks) in, say, Pacific Beach
or south Carlsbad for around $300K,
and Mission Viejo and thereabouts for around $400-450K.
Now, all these areas are seem to be the same, in the $700-$750K range.

Again, this is not based on firm statistics, just my (maybe faulty) memory,
but that's my recollection.