July OC Real Estate Market For Homes Up to 600k

Numbers for July have just come out, lets take a look at them now.

For sale is up 9.2% sold is down 22.4% month over month. Now sold means that the property could have been in escrow for 30-90 days or longer and  just so happen to sell in July. The more accurate stat to look at is Pended, because this is property about to close this month. Pended is up 2.7%. The median price sits at $365,000, 10,000 dollars higher then last month. There is only one month where that was higher going back 15 months. Days on market is at 72 which is the same as last month and the average going back 15 months. Average active and average sold price are both up as well.

You can see that in Orange County we are still seeing some appreciation in this price range.

I got a cal last week from a couple that wanted to lease a property from me. I asked why they wanted to lease instead of buy. They told me they didnt have the down payment and could not qualify for a loan based on an internet calculator. I mentioned to her the FHA loan where you can put down 3.5%. They had only briefly heard about it because the bank they currently bank with does not offer that type of loan nor do they educate there customers on other low down payment loan options they have available. Well long story short I set up an appointment for them to meet with my loan officer and turns out they can qualify and will have the down payment! They are thrilled and cant wait to start looking at property.

The moral of the story is. Sit down with a loan officer it wont cost you a dime. And not just any loan officer, make sure you ask a friend, co-worker, and relatives for a good referral. Have them look at everything and tell you for sure if you can qualify or not. With all of the loan options available, now might be your best chance to buy a home and take advantage of the low interest rates.

	Month			1 year			15 months
	Jun 10	Jul 10	% Change	Jul 09	Jul 10	% Change	May 09	Jul 10	% Change
For Sale	5865	6407	9.2%	4161	6407	54%	4485	6407	42.9%
Sold	2056	1596	-22.4%	2057	1596	-22.4%	1888	1596	-15.5%
Pended	2184	2243	2.7%	2343	2243	-4.3%	2211	2243	1.4%

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