Newport Beach Home Prices Up Over Year

Numerous price cuts along the coast don’t seem to have affected Newport Beach home values, with median prices posting a 27% year-over-year gain towards the end of the first half of 2010, according to the latest data real estate tracker Trulia.com.

From April 10th to June 10th, the median price for Newport Beach homes was $1.1 million, 1.7% lower than the previous quarter but 26% more than the $867,000 median recorded in the same period last year. This amounts to around $867 per square foot, an increase of 26% over the year.

The last week of June saw a surge in average listing prices, going up 0.3% to $2.1 million compared to the previous week. Most experts attribute this to the peak of the buying season, which started last spring and is expected to last for much of the summer.

The same period also saw a rise in home listings, increasing from around 710 to 720 in the week ending June 30th. This is right in between the month’s peak and bottom sales of 737 and 702 respectively.
    
On a larger scale, Newport Beach real estate seems steady but still a long way from its 2005 high. Median prices are 23% lower than they were five years ago, when a typical Newport Beach home sold for over $1.4 million.

The home buying season and the recently extended tax credit program is expected to bring in more buyer activity in the coming months, shrinking the city’s heavy inventory and potentially increasing home values later in the year.

Newport Beach has showed strong signs of market recovery since the start of the year, following a sluggish run in 2009. Year-over-year sales have increased, and several ZIPs have been noted for improved sales and price gains earlier in the year.

 

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