The median price in Newport Beach is $2,172,000.
Inventory is tightening, and days on market are falling. But demand as measured by the Market Action Index is also trending down. The market is not giving strong up or down signals from these data.
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 (newer, larger homes) 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.
Despite this week’s down tic, price trends have generally been moving up lately.