Market View: July 13, 2012 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $3,400,000. The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.

 

Supply and Demand

The market has been consistently cool for several weeks. Demand levels are low relative to available inventory. It’s a buyer’s market and prices continue to fall. Look for a persistent shift in the Market Action Index before prices plateau or begin to rise again.

 

Price

Again this week we saw a downward tick in prices. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.