The median price in Newport Beach is $1,839,250.
The Market Action Index has been trending down lately, while inventory is climbing. These trends imply a weakening market.
Supply and Demand
In terms of supply and demand, the market is getting cooler. More supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it is technically a buyer’s market, this price trend may be a result of improved quality (i.e. newer, larger) of the homes being listed. Look at the descriptive statistics where you may notice the homes being listed are larger and younger than they have been in the past.
This week saw relatively little price change from last week. However, prices continue to demonstrate a trend upwards in general over the last several weeks.