This Week
The median list price in Newport Beach this week is $2,450,000.
The Market Action Index has been trending down while days-on-market is increasing, bearish signs for the market.
Supply and Demand
Market conditions have been cooling in recent weeks. Because we are 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 that and begin to fall.
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.
