Orange County home sales are strong

According to the latest report from DataQuick, May was the strongest month for home buying in Orange County since 2006. Closings of homes for sale in Orange County experienced tremendous improvement when compared to sales in previous years.

The Orange County Register explains there are several key reasons for this increase in O.C. homebuying. For example, home prices in the area are still relatively low, encouraging buyers to take advantage of good deals. Home affordability makes homeownership a possibility that was not available for many families before and increases overall home buying activity.

Furthermore, interest rates are low throughout the Golden State, and Freddie Mac reports mortgage rates near record lows. The latest Freddie Mac survey reports the average 30-year fixed mortgage rate was 3.71 percent, while the 15-year fixed mortgage rate was 2.98 percent.

Anyone hoping to buy or sell a home in Orange County may want to act now. The affordable home prices and low interest rates make for a good buyer's market, while the increase in home sales could be beneficial for sellers.