Median List Price
The median list price in NEWPORT BEACH this week is $1,599,000. Inventory has been tightening and days on market falling. But demand as measured by the Market Action Index is also trending down. The market is not giving strong up or down signals from these data.
Supply and Demand
While prices have recently plateaued, this is a buyer’s market and the supply of homes listed has started growing relative to demand. This indicates that prices could easily resume a downward trend in conjunction with the Market Action Index. Prices are unlikely to move significantly higher until there is a persistent upward shift in the Market Action Index.
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.