REAL ESTATE INDUSTRY NEWS
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Newport, Laguna home prices rank highest in state
And three O.C. cities saw the biggest increases during the month of November.
BY TINA BORGATTAPublished: December 22, 2010 01:13 PM
Photo by Andrey Armyagov – FotoliaNewport Beach and Laguna Beach ranked among the top 10 cities in the state with the highest median home prices for the month of November, according to the latest statistics compiled by the California Association of Realtors.
Newport Beach landed in the No. 2 spot at $1.11 million, while Laguna Beach followed close behind at No. 3 with $1.10 million. Saratoga homes took the top spot at $1.23 million.
And when it comes to the greatest median price increases, San Juan Capistrano registered first in the state with a 57 percent jump, followed by Lake Forest in the fifth spot at 16.8 percent. And, despite its $1 million-plus price tags, Newport Beach landed at No. 8 with a 12.6 percent increase.
As a whole, Orange County fared much better than the state. O.C.’s median home price: $502,107. The state’s average, however, dipped below $300,000. It’s the first time since February the figure has dropped that low, and it marks year-over-year and month-over-month declines.
The good news? Home sales across the state rose 9.2 percent from October. (Although the figure – 490,950 – shows an 8.6 percent decline from November of last year, and short sales continue to bog down the process.)
“We are encouraged by November’s sales increase but realize a more sustained recovery is being hampered by the distressed market,” said California Association of Realtors President Beth L. Peerce. “While we are experiencing a greater share of short sales, these transactions are notoriously difficult to navigate, with no guarantee of closure.
“A recent CAR survey indicated that it takes many lenders 90 days or more simply to communicate whether a short sale has been accepted, causing tremendous frustration for buyers and sellers. Moreover, the survey found that more than two out of five short sale transactions never close. The housing market can’t fully recover until lenders streamline and improve the short sales process, which would help expedite transactions.”
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Photo by Andrey Armyagov – Fotolia Newport Beach landed in the No. 2 spot at $1.11 million, while Laguna Beach followed close behind at No. 3 with $1.10 million. Saratoga homes took the top spot at $1.23 million. And when it comes to the greatest median price increases, San Juan Capistrano registered first in the state with a 57 percent jump, followed by Lake Forest in the fifth spot at 16.8 percent. And, despite its $1 million-plus price tags, Newport Beach landed at No. 8 with a 12.6 percent increase. As a whole, Orange County fared much better than the state. O.C.’s median home price: $502,107. The state’s average, however, dipped below $300,000. It’s the first time since February the figure has dropped that low, and it marks year-over-year and month-over-month declines. The good news? Home sales across the state rose 9.2 percent from October. (Although the figure – 490,950 – shows an 8.6 percent decline from November of last year, and short sales continue to bog down the process.) “We are encouraged by November’s sales increase but realize a more sustained recovery is being hampered by the distressed market,” said California Association of Realtors President Beth L. Peerce. “While we are experiencing a greater share of short sales, these transactions are notoriously difficult to navigate, with no guarantee of closure. “A recent CAR survey indicated that it takes many lenders 90 days or more simply to communicate whether a short sale has been accepted, causing tremendous frustration for buyers and sellers. Moreover, the survey found that more than two out of five short sale transactions never close. The housing market can’t fully recover until lenders streamline and improve the short sales process, which would help expedite transactions.” |
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