The median price in Newport Beach is $2,350,000.
Inventory has been decreasing lately, but the Market Action Index is falling also. With days on market climbing, these are relatively negative implications 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, we are relatively close to the market’s price high-point. A persistent drop of the Market Action Index into the buyer’s zone will be a leading indicator of the price strength subsiding.