The median price in Newport Beach is $2,299,000.
Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.
Supply and Demand
In the last few weeks, the market has been at a stasis point in terms of sales to inventory. However, prices are continuing to fall a bit. Supply levels indicate this is a seller’s market so it is likely that the downward pricing pressure will be light or variable. Watch for an up-shift in the MAI before price stability is achieved.
Price
The market has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.
