Pending Home Sales Rise!

A few days ago in our local paper an article in the business section states that the Pending U.S. home sales rose in June for the 5th straight month. This statistic came from the National Assoc. of Realtors. It rose 3.6% from 91.3 to 94.6 from May to June. It has been 7 years since we have had 5 consecutive monthly gains.



These statistics were on written contracts to purchase a home and generally they do not turn into solds until the close of the sale a one the two month lag.



Price are low, interest rates are low and a first-time-home buyer incentive (tax credit) of up to $8,000 have all helped the market.



Here in South Orange County we have been reporting this up spike in sales with multiple offers on homes and condo's in the 300,000-600,000 price range. The biggest problem in our market will be the amount of jobless in the area.



These are all good signs of the market turning. The prices have not gone up but sales have increased in the area. This would include Mission Viejo, Aliso Viejo, Laguna Beach, Laguna Niguel, Laguna Hills, Dana Point, San Clemente, San Juan Capistrano, Ladera, Irvine, Newport Coast, Foot Hill Ranch, Portolla Hills, Lake Forest.



It is a perfect time to buy a home. If you need more information contact us. We would be glad to expand on the information.