This Week
The median price in Newport Beach is $2,329,000.
Inventory has been lightening lately, and the Market Action Index has been trending up. Though days on market are increasing, these are mildly positive indications for the market.
Supply and Demand
In the last few weeks, the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the seller’s market zone so watch changes in the Market Action Index. If the market heats up, prices are likely to resume an upward climb.
Price
Prices are climbing, and we’re nearing the market’s all-time high. A persistent drop of the Market Action Index into the buyer’s zone will be a leading indicator of the price strength subsiding.
