The median price in Newport Beach is $2,192,500.
The Market Action Index has been trending down lately, while inventory and days on market are climbing. The trend imply a weakening market.
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.
The market has been on a downward trend recently, and this week, while essentially flat, doesn’t break us out of that cycle.