These real estate figures are for Orange County real estate market and may dip into surrounding areas.
Combined with strong sales, the recent drop in listing activity has translated into competing bids on existing inventory and modest price gains in select neighborhoods. Informed sellers have noticed homes selling quicker and for closer to asking price. Home searches are turning up far fewer results than in recent years. National headlines mask regional variability. With fewer distressed properties selling, prices are effectively “melting up” due to less downward pressure. May looks pretty good all around.New Listings were down 7.0 percent for detached homes and 19.8 percent for attached properties. Pending Sales increased 62.8 percent for single-family homes and 62.5 percent for townhouse-condo properties. The Median Sales Price was up 1.1 percent to $434,650 for detached homes and 4.2 percent to $250,000 for attached properties. Months Supply of Inventory decreased 64.1 percent for single-family units and 69.7 percent for townhouse-condo units. In economic news, May’s jobs report was disappointing, and there’s a growing concern about the pace of domestic growth. Last month was also unsettling for investors, prompting some to hunt for better returns in the housing market. This forces other consumers up the price ladder. In politics, the Senate approved a 60-day National Flood Insurance Program extension. But with campaign season upon us, major housing-related bills or policy shifts are unlikely.
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View the full Orange County Real Estate Housing Report May 2012
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Homes Currently For Sale in the
Orange County Real Estate Market
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