This Week
The median price in Newport Beach is $2,274,500.
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
Market conditions have been consistently cooling in the past several weeks. Because we’re still in the seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the buyer’s zone.
Price
Despite this week’s down tic, price trends have generally been moving up lately.
