Median List Price
The median list price in Newport Beach this week is $1,850,000. Inventory has been lightening lately, and the Market Action Index has been trending up. These are mildly positive indications for the market.
Supply and Demand
Home sales have been exceeding new inventory for several weeks. Since this is a buyer’s market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market could move into the seller’s zone, with upward pressure likely on pricing.
Despite this week’s uptick, he market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.