Newport Beach real estate market

The Newport Center Skyline in Newport Beach, C...
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The Newport Beach real estate market, a subsidiary of the larger Orange County real estate market, continued to show a mixture of strengths and weaknesses independently and general strength compared to some neighboring counties. According to a May 17, 2010 article in the OC Metro, “Foreclosures and housing demand in Orange County earned high marks in a recent report from Altera Real Estate President Steven Thomas, though the region’s active inventory and the short-sales picture didn’t fare so well.” The piece, written by Kristen Schott, went on to say that “Thomas, who released biweekly studies of the region’s residential real estate market, gave the state of foreclosures and A, and demand, or the number of new pending sales in the region, received a B+. However, the region’s active inventory garnered a C- and short sales, which Thomas said dominate the market, got an F+.”

Regardless of these two trouble spots, Newport Beach homes for sale fared much better than their neighbors outside of Orange County in the rest of Southern California. According to a May 18, 2010 article from OCLNN, “Orange County saw stronger gains in home sales and price compared to all other Southern California counties during April. The median home price in Orange County jumped 13.2 percent since April 2009, to $430,000, according to DataQuick, a San Diego-based real estate information service.” The article by Mike Reicher went on to note that “The coastal counties have been performing well in recent months, nudging up the region’s median home price to $285,000, according to DataQuick. That’s 15.4 percent higher than in April 2009. One reason for the higher prices is that most of the region’s deeply discounted foreclosures had been sold.”

Taken with the rest of the Southern California real estate market, Newport Beach real estate sales figures remained generally static, according to a May 18, 2010 article from Reuters. This article found that “Sales of new and resale homes totaled 20,299 in Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura counties last month, down 0.9 percent from March and down 1.0 percent from a year earlier, the report from the real estate information service said.”

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