Newport Beach Has One of Country’s Top Price Gains

Newport Beach posted one of the ten highest median home price gains in California last month, according to a list by the California Association of Realtors. The city has surpassed most expectations as foreclosure surges have already begun to reach other affluent areas, including Laguna Beach.

Median home prices in Newport Beach went up 29.7% in the past month, putting it in eighth place. It is also the second highest price gain in Orange County, after the 29.9% gain in nearby Placentia, which placed seventh.

The highest increase was attained by Pittsburg, posting a gain of 42.3% in the said period. The city is followed by Arcadia (40.2%), National City (37.7%), and Auburn (34.1%). Other high gainers include Lodi, Richmond, Novato, and Petaluma.

Placentia and Newport Beach were the only ones from O.C. to have made the list. The statewide median price is $493,120, up 2.2% from the previous month and up 10.9% from a year ago.

Sales were also on the rise compared to last year, going up 14.9% from 2009 and up 39.9% from last month. This shows that even as one of the most battered areas from the economic recession, California is still well on its way back to economic stability—at least in the real estate department.

Orange County had an unsold inventory of 6.5 months in the same period, lower than the 8.5-month inventory recorded last month and 7.2 months a year ago. Inventory size defines the estimated market time of homes; that is, how much time they spend on the market before being sold.

 

Earlier in Newport Beach Real Estate News:
Corona del Mar Homes Hardest To Sell In O.C.
Corona Del Mar Home Sells At $12 Million Cut
Newport Beach Makes California Top 10 Gains List