The median price in Newport Beach is $2,192,500.
With inventory trending up, but days on market and the Market Action Index essentially flat, conditions do not seem to have strong up or down pull.
Supply and Demand
In the last few weeks, the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the seller’s market zone so watch changes in the Market Action Index. If the market heats up, prices are likely to resume an upward climb.
Again this week, we see a downward notch for prices. Prices continue to pull back from the market’s highs. The Market Action Index is a good leading indicator for the durability of this trend.