Median List Price
The median list price in NEWPORT BEACH, CA this week is $1,950,000. The Market Action Index has been trending down lately, but as days on market decreases also, there are not strong signals for the direction of the market.
Supply and Demand
In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it is technically a Buyer’s market, this price trend may be a result of improved quality (newer, larger homes) of the homes being listed. Look at the descriptive statistics where you might notice the homes being listed are larger and younger than they have been in the past.
Despite this week’s down tic, price trends have generally been moving up lately. Prices are below the market’s high point, and so watch the Market Action Index as an indicator of how long this trend will last.