Sales in O.C. Leap 45%

Inventory of available homes has been steadily declining, but still consists largely of short sales and foreclosures. First Quarter saw sales rise by 45% compared to the same period last year. The average sale price, however dropped 30% to $454,572 for a 3 bedroom, 2.5 bath, 1641 square foot home. Total sales in Orange County reached 5,458 homes. It is still a buyer's market, but for all intents and purposes the majority of short sale listings are really not available for sale. Overall, the trends suggest that we are beginning to climb out of the housing abyss. Low mortgage rates and low prices are a boon to buyers and investors.