Home prices. They’re everyone’s favorite indicator, and the headlines focus almost exclusively on this one metric. But prices leave much to be desired. They tell nothing about the market’s balance – whether overly saturated or in a competitive bidding environment. Historically-low mortgage rates, rising rents and strong investor activity have helped nudge certain areas and segments into stable or even seller’s market territory. Prices are already rising in some cases but it’s far from universal. At first glance, April looked pretty good but there’s more to it than that.
New Listings were down 17.6 percent for single family homes and 33.3 percent for condos and townhomes. Pending Sales increased 66.7 percent for single-family homes and 66.7 percent for condo and townhouse properties.
The Average Sales Price were down 3.9 percent single family homes and down a big 16 percent for condos and townhouse properties. Months Supply of Inventory decreased 54.3 percent for single-family units and 70.5 percent for townhouse-condo units. The heavy decrease in the supply of inventory of homes is a big sign that we should be or are in a sellers market as there are less houses to choose from thus increasing the demand for homes. The side effort is almost always a surge in home values but the opposite has occured. Prices have continuously fallen downward, down 3.9 percent. Buyers have seen the small inventory and downward preasure on home prices so they have gobbled up as much as fast as they can. This is why new pending home sales, escrows opened, has shot up 66.7% All this in Brea. Compared regionally, the average price in Orange County has increased 3.1 percent overall.
When monitoring residential real estate activity, it is always important to keep tabs on the overall economy and job growth. Preliminary Q1-2012 GDP growth came in at 2.2 percent, which, while disappointing to some observers and slower than Q4-2011, still signals economic expansion and not contraction. Expedited bank processing and easing lending standards are also encouraging developments.
Let’s Take Closer Look into Brea’s Housing Market for April 2012
In the month of April, Brea’s housing market.
Brea, North Orange County
Metrics from the Pacific West Association of Realtors serving Orange County
Housing market home values are for the city of Brea, CA. Zipcodes 92821, 92822, 92823
[highlight]If you want more detailed information about your local housing market specifically your zipcode, your neighborhood, your street, your home; contact us today. We will be more that happy to get you that information. We can either email it, mail it or drop it off.[/highlight]
Available Homes for Sale in the City of Brea – Current
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