The median list price in Newport Beach this week is $2,395,000.
The Market Action Index has been trending down lately, indicating demand falling along with supply. Conditions point to mildly negative trends for the market.
Supply and Demand
In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to 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 (newer, larger homes) 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.
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.