The median list price in Newport Beach this week is $2,392,450.
The market action index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening 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
Prices appear to be hovering around this plateau. Look for a persistent change in the market action index before we see prices deviate from these levels.
