This Week
The median price in Newport Beach is $2,125,000.
The Market Action Index has been climbing lately while days on market are trending down. These point to a positive near-term outlook 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
The market has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.
