The median list price in Newport Beach this week is $2,495,000.
Inventory has been decreasing lately and the Market Action Index falling also. Though the days-on-market is increasing, these are relatively negative indications for the market.
Supply and Demand
Market conditions have been cooling in recent weeks. Because we are still in the seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect that and begin to fall.
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.