Median List Price
The median list price in NEWPORT BEACH this week is $1,675,000. Inventory and days-on-market are climbing, while the Market Action Index has been flat recently. The trends point to a weakening market.
Supply and Demand
Inventory levels have been relatively consistent relative to sales. Despite the fact that there is a large available inventory, this buyer’s market is still seeing prices move higher. Given inventory levels, these price conditions are relatively fragile. If the market cools off further, the price trend is likely to reverse.
Despite this week’s downward tick, price trends have generally been moving up lately. Prices are below the market’s high point, and so watch the Market Action Index as an indicator of how long this trend will last.