The median list price in Newport Beach this week is $2,395,000.
Inventory is up and the Market Action Index trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.
Supply and Demand
Home sales have begun exceeding new inventory. This is a buyer’s market so prices are not yet moving higher as excess inventory is consumed. If the tightening continues and the market moves into the seller’s zone, we may see upward pressure on pricing.
Price
Prices appear to be hovering around their high point. Look for a persistent downward shift in the Market Action Index before we see prices deviate from these levels.
