Home Prices Up in 2 Newport Beach ZIPs

Newport Coast and Newport Beach 92663 saw respective home price gains of 26.8% and 43.4% in the 12-month period ending December 24th, while the rest of Newport Beach—as well as about half of Orange County—continued a downward slump in home values.

This puts them among the 44 ZIPs in Orange County (out of 83) to see increased home prices in the said period. Newport Coast homes now average $1.5 million while those in 92663 are valued at $810,000, both comfortably above the county average of $439,000.

Newport Beach 92663 also posted the second highest home price gain, next only to Tustin whose yearly increase is over 52%. The city, located in central O.C., posted a below-average home price of $384,500.

Other big gainers include Stanton, located in northwest O.C., with a yearly increase of 35.4%, and Huntington Beach 92649, which posted a rise of 25.3%. Countywide, home prices are 9.7% higher than they were in 2008.

On the other hand, Corona del Mar, one of the more prestigious sections of Newport Beach, suffered the biggest drop in home prices at -42.7%. Experts agree that the high home prices, averaging $1.49 million, contributed to the fall.

Newport Beach also did well in terms of home sales, with all ZIPs except Corona del Mar posting increases from 33% to 242%. Corona del Mar had the same amount of home sales as last year.

A total of 3,037 homes were sold in Orange County this year, 8.8% more than last year’s sales. The most active ZIPs tended to be those with average prices under $750,000, leading experts to believe that high home prices were this year’s biggest obstacle.

 

Earlier in Newport Beach Real Estate News:
Newport Beach Home Prices Up Over Year
Newport Beach Among O.C.’s Slowest Markets
Newport Beach ZIP Sees Sales Spike as Prices Plunge