Orange County housing market shows improvement
Investing in homes for sale in Orange County might be a wise move right now, as several real estate experts believe the local housing market is slowly improving. The Southern California Ryness Report, a real estate trend report from a market research company, stated the average absorption rate in Orange County/Los Angeles during the last week of May 2012 was at 0.7 sales - approximately 3 sales per a month, a number that is close to what is considered to be healthy by new homebuilders.
However, absorption rate leaders were Orange County areas including Central-North Orange and Santa Clarita Valley. Both local markets are at 4 sales or more per month, notes the report.
Southern California real estate analyst, G.U. Krueger, offers his opinion on the housing market each week in his blog featured in The Orange County Register. He explained in his May 31st commentary that the Ryness Report supports the notion that Southern California new home sales are recovering. Krueger notes that in Orange County sales are up and overall distressed sales are dropping, in addition to decreases in mortgage delinquencies and foreclosures.
While the OC real estate industry still has room for improvement, these factors show signs of a stabilizing market.