The Newport Beach real estate market, along with the rest of the Orange County housing market, showed strong signs of recovery despite a slowly growing distressed homes sector. According to a June 15, 2010 article from the OC Metro, “Orange County's median home price and sales numbers got a welcome boost in May, partly due to government tax credits, low mortgage rates and more activity in higher-priced areas, according to a new report from MDA DataQuick. The median home price rose to $450,000 in the county, up about 10 percent from the same time last year. It's the ninth consecutive year-over-year gain, according to the real estate information service. The price also increased from April when it hit $430,000. For the six-county Southern California region, which includes Orange, L.A., Riverside, San Bernardino, San Diego and Ventura, the median hit $305,000, up a whopping 22.5 percent from the same time last year. The number also increased from April.”

The report by Kristen Schott went on to note more positive news for Newport Beach homes for sale, stating that “Sales rose 22 percent in Orange County, compared to the same time last year. Buyers snapped up 3,257 properties, compared to 2,667 in May 2009. It's the seventh consecutive month of yearly gains, according to MDA DataQuick. The number also increased from 2,669 in April. In the larger region, sales jumped about 7 percent to 22,270, up from 20,775 in May 2009. Numbers also increased month-over-month.”

A June 15, 2010 article from the Orange County Register quoted an expert’s analysis of the Newport Beach foreclosure market, noting that “The distressed inventory continued its slow climb this year, adding an additional 89 homes in the prior two weeks and now totaling 3,080, a 3% increase. The inventory has not surpassed the 3,000 mark since June of last year. Last year at this time, there were 3,062 distressed homes on the market, representing 33% of the active inventory. The number of foreclosures within the active listing inventory dropped by three homes in the past two weeks from 533 to 530. The expected market time for foreclosures is 1.45 months, an extremely hot seller’s market.”