The median price in Newport Beach is $2,595,500. The Market Action Index has been trending down lately, while inventory is climbing. These trends imply a weakening market.
Supply and Demand
The market remains in a relative stasis in terms of sales to inventory and prices have been relatively stable for a few weeks. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
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.
