Newport Beach Makes California Top 10 Gains List

Newport Beach boasts one of the biggest price gains in California over the year, coming up second in the California Association of Realtors’ Top 10 list for June, just behind National City in San Diego County.

Median prices in Newport Beach went up 52% compared to this time last year, surging ahead of other high-end cities in Orange County. National City posted an increase of 59% in the same period.

Completing the list are Richmond, San Bernardino, San Pablo, Fairfield, Walnut, Colton, Imperial Beach, and Poway, with median price increases ranging from 30% to 52%. Many of these are upscale residential areas where the price drops weren’t as drastic, even at the height of the recession.

The Newport Beach median was $1.15 million last June, the sixth highest in the state. None of the other cities in the CAR list was on the list of priciest areas, which also included Manhattan Beach ($1.73 million), Los Altos ($1.61 million), Saratoga ($1.42 million), Palo Alto ($1.3 million), and Laguna Beach ($1.23 million).

CAR said that markets with large median home price increases indicate not just local appreciation, but also changes in the market activity. Prices typically rise as more buyers become interested in properties, especially during the spring and summer buying season. In areas with many distressed homes, prices usually go down.

An analysis by real estate data company DataQuick showed that of the 372 cities that submitted market data, 232 showed year-over-year gains in median price. Experts see this as proof that the worst is over for the state, which is one of the areas to suffer the most from the economic crash.

 

Earlier in Newport Beach Real Estate News:
Newport Wins Award for Best Beaches
Newport Beach Home On Private Island Hits Market for $28 Million
Old Newport Beach Building To Be Transformed