Market View: July 29, 2011 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH, CA this week is $1,795,000. The Market Action Index has been trending down lately, while inventory is climbing. These trends imply a weakening market.

Supply and Demand

The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

Price                                                                                                     

Despite this week’s down tic, the market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this shift.