Newport Beach Reports Price Gains

Two Newport Beach ZIP codes-92661 and 92662-are among the 37 in Orange County that reported home price gains in the 22-day period ending October 6th, according to real estate information provider DataQuick.

The two neighborhoods also have the highest average home prices for the said period, with homes selling for around $1.6 million in 92661 and $2.7 million in 92662. The numbers are up 78.4% and 69.4% respectively compared to last year, the two highest increases recorded this month.

Home sales also soared in the ZIP 92661, rising 233% this month compared to last year. The figures were less encouraging for the other ZIP, showing a yearly change of 60%, as only two homes were sold in the same period.

The biggest sales gains were recorded in Los Alamitos 90720, with home sales going up a whopping 566% this month. The city's average selling price is also up, rising over 37% to $767,000 in the same period.

The two other Newport Beach ZIPs, 92660 and 92663, saw price drops of 24.1% and 19% respectively. The former had an average price of $930,000, while the latter finished the month with a $790,000 average.

Both went up in terms of home sales, however. Thirty-six homes were sold in 92660 this month for a yearly increase of 80%, while 92663 saw 25 home sales, 66.7% more than it did a year ago.

Countywide, home prices were up 2.9% and sales up by 3.5%, further spurring hopes of a full market recovery. Close to 3,000 homes were sold last month for an average of $432,000, making O.C. one of the strongest markets on the California coast.

 

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