Newport Beach (July 25, 2014)

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newport beachThe median list price in Newport Beach this week is $2,369,950.

Even though the days-on-market is trending higher, so is the market action index at these inventory levels, providing a neutral outlook for the market.

Supply and Demand

Home sales continue to outstrip supply and the market action index has been moving higher for several weeks. This is a seller’s market so watch for upward pricing pressure in the near future if the trend continues.

Price

The market seems to have paused around this plateau. The market action index is a good leading indicator for the durability of this trend.