The numbers have just been released, and they indicate rising home prices and fairly stable volume. This is primarily attributed to continued low interest rates and prices, coupled with the federal tax credit.
The median closed sale price in Orange County last month was $436,500, which is up 3.9% over October 2008.
Sales of existing homes were basically flat, but foreclosures and defaults are rising. Entry level homes are the big news—60% of sales are in the price range under $400,000 and 10% are under $500,000. Anything in the high end, over $800,000, is taking much longer to sell and represents less than 4% of total sales.
Average down payments are just under 20% meaning most successful buyers are utilizing conventional financing. Any time a bank seller is involved, whether for bank-owned or a short sale situation, they tend to avoid FHA financing like the plague.
Short sales are picking up steam and getting easier as banks are avoiding foreclosure and are more amenable to work with the property owner.
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