Market View: October 21, 2011 Newport Beach

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Median List Price

The median list price in NEWPORT BEACH this week is $1,800,000. Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. Since this is a buyer’s market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the seller’s zone, an we are likely to see upward pressure on pricing

Price  

The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.