Newport-Mesa home prices rise in first quarter

Homes in Newport-Mesa have increased in sales, according to the Orange

Coast Assn. of Realtors’ first-quarter sales figures.

Homes in the median price range of $670,000 in Newport Beach and

$300,000 in Costa Mesa showed increases of 10.5% and 16%, respectively,

raising the median range homes in Newport Beach to $740,000 and those in

Costa Mesa to $349,000, according to their figures.

Patricia Moore, the association’s executive vice president, said

several factors contributed to the changes.

“Real estate continues to be one of the safest and most reliable forms

of investment one can make and, thus far, all indicators are pointing to

Orange County remaining a prime investment location for many years to

come,” she said.

Moore added that low-interest lending rates and a strong Orange County

economy are just some of the factors leading to the growth. Both cities

also experienced growth among their more upscale homes.

Providing members with a wide range of support services such as

communication on industry changes, legislative support and reference

material, the Newport Beach-based association is composed of 1,500 real

estate professionals and represents nearly 700 real estate brokerages.