Well the numbers are in, for March 2013 for homes for sale in Newport Beach and surrounding areas. Prices in March marked the largest annual price gain since 2004. The median home price in Orange County is back to $505,000. The high was in June of 2007 when the median home price was $645,000. Lower prices, lower rates, and low supply are all contributing factors in the market recovery for Newport Beach and Orange County as a whole. One other major factor is there is a shift from foreclosures to standard sales, as an example in March of 2012 over 50% of all transactions were either short sales or foreclosures while in March of this year only 26% were distressed sales. Here are a few cities by the numbers for March 2013.
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