Median List Price
The median list price in NEWPORT BEACH this week is $1,610,000. Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.
Supply and Demand
Home sales have begun exceeding new inventory. While still a buyer’s market, prices seem to have already started to respond. If the trend continues, expect prices to keep marching upward.
This week saw relatively little price change. However, the market appears to be trying to establish an up trend. The Market Action Index is s good leading indicator for the durability of this trend.