Median List Price
The median list price in NEWPORT BEACH this week is $1,599,000. Inventory has been tightening and days-on-market decreasing recently. The Market Action Index has been basically flat, not providing a strong indication for market conditions.
Supply and Demand
The market has settled in at a relative stasis in inventory and sales conditions. It’s a buyer’s market that has seen prices trend lower. Expect that consistent up trends in demand will be required before price trends change significantly.
Again this week we see a downward tick for prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator of a trough in prices.