Newport Beach (August 16, 2013)

This Week

The median price in Newport Beach is $2,094,500.

With inventory trending up but days on market trending down and the Market Action Index essentially flat recently, conditions do not seem to have strong up or down pull.

Supply and Demand

The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the buyer’s zone. Watch for a persistent up-turn in market action to signal prices rising again.

Price

The market has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.