The median list price
in Newport Coast this week is $4,000,000. Inventory has been lightening lately and the Market Action Index has been trending up. Though days on market are increasing, 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 moves in the seller’s zone, and we are likely to see upward pressure on pricing.
We continue to see prices in Newport Coast hovering around their high point. Look for a persistent downshift in the Market Action Index before we see prices deviate from these levels