Newport Beach (May 17, 2013)

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This Week

The median price in Newport Beach is $2,199,000.

The Market Action Index has been climbing lately, while days on market are trending down. These point to a positive near-term outlook for the market.

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.

Price

The market has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.

newport BEACH-25