Median List Price
The median list price in NEWPORT BEACH this week is $1,599,000. Inventory is up and Market Action is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.
Supply and Demand
The market has been consistently cool for several weeks. Demand is 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.
Again this week, we see a downward tick in prices. Pricing has been weak in recent weeks and versus its absolute-high levels. The Market Action Index is a good leading indicator for the durability of this trend.