Below are excerpts from an OC Register article outlining some improvement in the Orange County housing market. It specifically indicates that the Newport Beach market has improved in the upper end of the spectrum.
SoCal sales shifting to pricier homes
January 19th, 2010, 2:22 pm · posted by Jeff Collins
Home sales in the region shifted to pricier areas last month, pushing December’s overall median home price up 4%, MDA DataQuick reported today.
* Relatively large annual sales gains were recorded last month in such higher-end markets as Beverly Hills, Santa Monica and Newport Beach — areas that saw very low sales a year ago.
* Some of the more affordable inland areas that saw robust 2008 sales recorded year-over-year declines last month. Those markets included Moreno Valley, Lake Elsinore and Palmdale.
* Overall, the Southern California median home price increased to $289,000, the first annual price gain in about 2 1/2 years. It was the highest median sales price since October 2008.
* Prices rose in every county but Riverside and San Bernardino.
* Sales were up 12.1% to 22,328, the largest number for a December since 2006, DataQuick reported.
* Sales were up in every county in the region but Riverside.
What do you think?