The Median Price in Newport Beach is $1,790,000.Inventory is tightening, and days on market are falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.
Supply and Demand
Home sales have been exceeding new inventory for several weeks. However, prices have not yet stopped falling. Since the market is already in the seller’s zone, expect prices to level off very soon. Should the sales trend continue, expect that prices could climb from there.
The market has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.