housing market newport beach

What is the medium priced home in Newport Beach?

According to Zillow the Newport Beach Medium Home price is at 1.35 Million.

 

Is It a Buyers’ Market Sellers’ Market?

The median home value in Newport Beach is $1,347,900. Newport Beach home values have declined -2.8% over the past year and Zillow predicts they will fall -0.2% within the next year. The median list price per square foot in Newport Beach is $800, which is higher than the Los Angeles Metro average of $345. The median price of homes currently listed in Newport Beach is $1,795,000 while the median price of homes that sold is $1,554,000.

Foreclosures will be a factor impacting home values in the next several years. In Newport Beach 0.8 homes are foreclosed (per 10,000). This is lower than the Los Angeles Metro value of 2.0 and also lower than the national value of 4.4

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Newport Beach is 4.2%, which is lower than the national value of 7.2%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Newport Beach homeowners underwater on their mortgage is 4.5%, which is lower than Los Angeles Metro at 11.6%.

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