Newport Beach among states top home price gains

By: Allan Heller ~ July 30, 2010

The following OC Register article, based on information from DataQuick, outlines the recent housing price increases in the Newport Beach area.  Now might be a good time for those wishing to own a home in the Newport Beach area to start looking at the available inventory.

Newport among state’s top home gains

July 30th, 2010, 12:01 am ·  posted by Jon Lansner

Newport Beach cracked the Top 10 list of California cities with the largest year-over-year home prices gains, based on changes in the median selling price as tracked by the California Association of Realtors. June’s list …

  1. National City, up 59 percent
  2. Newport Beach, 52 percent
  3. Richmond, 52 percent
  4. San Bernardino, 47 percent
  5. San Pablo, 38 percent
  6. Fairfield, 37 percent
  7. Walnut, 34 percent
  8. Colton, 32 percent
  9. Imperial Beach, 31 percent
  10. Poway, 30 percent

CAR notes: “Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity.”

Statewide, CAR said the median selling price of an existing home rose 13.6 percent vs. June 2009. In Orange County, CAR had prices rising at a 6 percent annual rate.

Less of a surprise was that Newport was among the state’s priciest addresses. The Top 10 by median selling price in the state in June …

  1. Manhattan Beach, $1,737,500
  2. Los Altos, $1,618,500
  3. Saratoga, $1,425,000
  4. Palo Alto, $1,308,500
  5. Laguna Beach, $1,230,500
  6. Newport Beach, $1,150,000
  7. Los Gatos, $1,045,000
  8. Rancho Palos Verdes, $1,000,000
  9. Cupertino, $980,000
  10. Lafayette, $946,250

One last bit of June trend trivia from CAR, an analysis by DataQuick that found, “232 of the 372 cities and communities reporting showed an increase in their respective median home prices from a year ago.”

What are your thoughts?

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