The median price in Newport Beach is $2,595,000. Inventory and days-on-market are both trending higher recently. However, the improving Market Action Index implies some increased demand will temper the negative trends.
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. If the market heats up, prices are likely to resume an upward climb.
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.