The median list price in NEWPORT BEACH, CA this week is $2,399,000. With inventory and days-on-market basically unchanged and the Market Action Index decreasing, the market is not sending strong directional signal for the near-term outlook.
Supply and Demand
The market has started cooling and prices have recently plateaued. Since we’re in the Seller’s zone, watch for changes in MAI.If the MAI resumes it’s climb, prices will likely follow suit.If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Price
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
