Newport Beach:December 14, 2012

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The median price in Newport Beach is $1,892,000.
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. 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.

Price
Prices continue their climb again this week. We’re a long way from the market’s price high point so watch the Market Action Index as an indicator of how long this trend will last.

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