The median list price in Newport Beach this week is $2,399,000.
Inventory has been lightening lately and the Market Action Index has been trending up. Though the days-on-market is climbing, these are mildly positive indications for the market.
Supply and Demand
The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend.
While this week the median didn’t fluctuate much, prices continue to sit at all time highs. A persistent drop of the Market Action index into the buyer’s zone will be a leading indicator of the price strength subsiding.