Market View: August 26, 2011 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,799,000. With inventory and days-on-market basically unchanged and the strong Market Action Index increasing, the market is not sending a strong directional signal for the near-term outlook.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. Since this is a Buyer’s market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller’s zone, and we are likely to see upward pressure on pricing.

Price  

The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.