Median List Price
The median list price in NEWPORT BEACH this week is $1,857,500. Inventory has been tightening lately, band the Market Action Index has been trending up. These are mildly positive indicators for the market.
Supply and Demand
Home sales have been exceeding new inventory for several week. Since this is a buyer’s market, prices are not yet moving higher as excess inventory is consumed. However, if the supply and demand trends continue, the market could move in the seller’s zone, and we would likely see upward pressure on pricing.
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this shift.