Market View: July 27, 2012 Newport Coast

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Median List Price

The median list price in NEWPORT COAST this week is $3,391,500. Inventory has been lightening lately, and the Market Action Index has been trending up. These are mildly positive indications for the market.

 

Supply and Demand

Home sales have been exceeding new inventory for several weeks. However, because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb.

 

Price

This week prices bumped up a bit, but the trend of recent weeks is generally downward. Keep an eye on the market Action Index for a leading indicator of the duration of this down trend.