The median price in Newport Beach is $1,995,000. The Market Action Index has been trending down lately, while inventory is climbing. These trends imply a weakening market.
Supply and Demand
In terms of supply and demand, the market is getting cooler. More supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it is technically a buyer’s market, this price trend may be a result of improved quality (i.e. newer, larger) of the homes being listed. Look at the descriptive statistics where you may notice the homes being listed are larger and younger than they have been in the past.
Prices continue their climb again this week. We’re a long way from the market’s price highpoint, so watch the Market Action Index as an indicator of how long this trend will last.