The median price
in Newport Beach is $1,797,000. Inventory is tightening, and days on market are falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices
Supply and Demand
Home sales have been exceeding new inventory for several weeks. However, because of excess inventory, prices have not yet stopped falling. Should the sales trend continue expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a buyer’s market to a seller’s market.
Price
The market has been on a downward trend recently and this week, while essentially flat, does not break us out of that cycle.
