Market View: August 12, 2011 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH, CA this week is $1,795,000. The Market Action Index has been trending down lately, while inventory is climbing. These trends imply a weakening market.

Supply and Demand

The market has been consistently cool for several weeks. Demand levels are low relative to the available inventory. It’s a Buyer’s market and prices continue to fall. Look for a persistent shift in Market Action before prices plateau or begin to rise again.

Price   

The market has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.