Newport Beach Has Biggest Home Sale Gain in O.C. for September

As the rest of coastal California struggles to keep home sales up, Newport Beach is headed the other way: it sold more homes than any other city in Orange County, finishing with a 139% gain in home sales in the week ending September 14.

Forty out of the 83 O.C. ZIPs saw home sale gains in the said period, but only Newport Beach (92661) gained by over 100% over the past month. On a yearly basis, however, the city made little progress as the recession curbed sales and prices early this year.

The city's median selling price is also the highest in the county, going up to $4.3 million this month. Five other ZIPs had median prices over $1 million, although the closest contender, Newport Coast, is still far behind with an average of $1.5 million.

Countywide, home sales are down slightly by 0.6% compared to last year, although things are looking up on a larger scale. Research showed that sales have been moving upward for the past 14 months, so experts believe the dip is just a temporary slowdown.

Median home prices are also down countywide this month, falling 3.4% from last period. Homes sell for an average of $425,000, compared to $440,000 last month. However, it's still a 15% rise from the cyclical low hit in January 2009. Prices last peaked in June 2007, when the median selling price was $645,000.

The data is provided by DataQuick, a real estate information provider based in San Diego. The company offers a range of products for real estate market research on commercial and residential properties nationwide.

 

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