Market View: February 24, 2012 Newport Beach

0
1208

Median List Price

The median list price in NEWPORT BEACH this week is $1,584,500. Inventory has been lightening lately and the Market Action Index has been trending up. These are mildly positive indications for the market.

Supply and Demand

Home sales have begun exceeding new inventory. This is a buyer’s market so prices are not yet moving higher as excess inventory is consumed. If the tightening continues and the market moves into the seller’s zone, we may see upward pressure on pricing.

Price     

Despite this week’s downward tick, the market seems to have paused around this plateau. The Market Action index is a good leading indicator for the durability of this pause.