The median list price in Newport Beach this week is $2,397,000.
Inventory has been tightening and days-on-market is falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.
Supply and Demand
Home sales have been exceeding new inventory for several weeks. While still a Buyer’s market, prices seem to have responded by moving upward. If the demand trends continue, expect prices to keep marching upward, especially once we see a Seller’s Market.
This week saw relatively little price change from last week. However, prices continue to demonstrate a nice up trend over the last several weeks.