Villa Real Estate has developed its own home price index, focused on tracking home prices in the Orange County markets where it specializes.
The goal is to provide a graphical representation to illustrate home price trends, said Dave Girling, a Villa agent and real estate economist, who helped spearhead the index with Villa founder and President Steve High.
The Villa index tracks single family detached housing prices since 1998 in Newport Beach, Newport Coast, Corona Del Mar, Laguna Beach and Eastside Costa Mesa. Villa, with 160 agents and four offices, specializes in the same areas.
The VHPI will be released quarterly and is to be accessible on Villa’s website, www.villarealestate. com.
First-quarter results indicate the weighted average sales price for a home in Newport Beach, Newport Coast and Corona Del Mar was $3.3 million, flat from the previous quarter and up 10.53% year over year.
In Newport Beach zip codes 92660, 92661, 92662 and 92663, the average sales price for a home was $2.9 million up 6.76% from the previous quarter and up 10% year over year.