The median list price in Newport Beach is $2,395,000.
The Market Action Index has been trending down lately, while inventory is climbing. These trends imply a weakening market.
Supply and Demand
The market is cooler – more supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it is technically a buyer’s market, this price trend may be a result of improved quality – newer, larger homes – being listed.
Price
While this week the median didn’t fluctuate much, prices continue to sit at all time highs. A persistent drop of the Market Action index into the buyer’s zone will be a leading indicator of the price strength subsiding.
