We finished off June 2012 and halfway through the year. Residential real estate has finally taken some meaningful strides toward recovery, and they’ve all been self-powered without divine (or governmental) intervention. Yes, there have been some head fakes in the past, but there’s real reason to believe that market turnaround awaits us. Beyond home prices, key metrics to watch include Days on Market, Percent of List Price Received and Months Supply of Inventory. Locally, several indicators showed improvement. Let’s see what the rest of our local data has to say.
Overall in our area, new Listings were down 13.1 percent for detached homes and 16.7 percent for attached properties. Pending Sales increased 57.5 percent for single-family homes and 65.2 percent for townhouse-condo properties. The Median Sales Price was up 6.0 percent to $450,000 for detached homes and 7.5 percent to $268,659 for attached properties. Months Supply of Inventory decreased 65.6 percent for single-family units and 72.7 percent for townhouse-condo units.
We seem to be at a critical inflection point in our search for more employment opportunities. Job growth provides the dual benefit of stimulating new household growth as well as relieving distressed homeowners. There’s also the positive feedback loop of housing creating jobs and jobs creating housing. Keeping the affordability picture afloat, the Fed has vowed to keep interest rates around 4.0 percent through mid-2013.
[highlight]Want to know more about the market in your neighborhood. Request a free customized Market Report and receive via email localized housing statistics that shows homes sold in your neighborhood, prices as well as how much your home could be sold for. [/highlight]
Current Homes for Sale in Orange County
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