Market View: July 8, 2011 Newport Coast

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Median List Price

The median list price in NEWPORT COAST, CA 92657 this week is $2,774,500.

The Market Action Index has been trending down lately, while inventory is climbing. These trends imply a weakening market.

Supply and Demand

The market has been cooling in recent weeks. Since this is a Buyer’s market where there is excess inventory to satisfy the demand levels, prices have also been moving lower.

Price                              

Again this week in this ZIP code we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. 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.