Median List Price
The median list price in NEWPORT BEACH this week is $1,549,500. Inventory has been tightening but days on market and the Market Action Index have been basically unchanged, not providing 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 e required before price trends change significantly.
Again this week we see a downward tick in pries. Pricing has been weak in recent weeks and versus their absolute-high levels. The Market Action Index is a good leading indicator for the durability of this trend.