The median list price in Newport Beach this week is $2,279,000.
Demand measured by the Market Action Index is increasing and days-on-market is trending downward. Even as more properties come available, these are positive trends for the market.
Supply and Demand
The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again.
The market has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.