Median List Price
The median list price in NEWPORT BEACH this week is $1,799,000. Even though days-on-market is trending higher, so is the Market Action Index at these inventory levels, providing a neutral outlook for the market.
Supply and Demand
Home sales have been exceeding new inventory for several weeks. Since this is a buyer’s market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market could move into the seller’s zone, we would see upward pressure on pricing.
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.