The median price in Newport Beach is $2,099,000.
Inventory is up, and market action is trending down recently. While days on market appear to be trending lower, the overall conditions are weakening a bit.
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.