The median list price in Newport Beach this week is $2,395,000.
The Market Action Index has been trending down lately, while days on the market is climbing. These are bearish signs for the market.
Supply and Demand
Inventory levels have been relative consistent relative to sales. Despite that there is a relatively high amount of available inventory, this buyer’s market is still seeing prices move higher. Given inventory levels, these price conditions are relatively fragile. If the market cools further, this price trend is likely to reverse.
Prices are climbing and we’re nearing the market’s all-time high. A persistent drop of the Market Action index into the buyer’s zone will be a leading indicator of the price strength subsiding.