California Economy: Orange County New Homes
With a shaky national economy and uncertainty in home sales trends across the country, residents of Orange County California are relieved to know that the sale of new homes in the state rose above year ago levels for the first time since 2006, a promising sign of the secure and steady economy in the area. In fact, the sales in new home communities of 10 houses or more rose 25% just since October of 2008, which was the first notable increase since the start of the housing crisis. Residents were more than glad to see this notable increase.
The monthly CBIA/Hanley Wood Market Intelligence (HWMI) showed that during October of 2009, just shy of 3,000 new homes were sold in subdivisions compared to just under 2,000 the year before. In addition, the sales of single family detached houses were up by 4%. The really promising news relates to townhomes and duplexes though, where the sales for these rose an impressive 36%. Even better was the increase in condominium sales, which stood at a whopping 94% increase over the year before, which is mostly attributed to strong sales in the San Francisco and Los Angeles areas.
Orange County new homes saw a general median base price decrease, which of course presents excellent opportunity to those who want to purchase a slice of the California sunshine at a great price. On average, the adjusted total new home sales were only about 1% below what they were the month before, which is a drastic improvement from last years numbers, where from one month to another the average trend followed a 29% decrease.
While these figures have consumers and homebuyers rushing to take advantage of the great real estate deals that present themselves throughout Orange County, there are other reasons that point to the increase in sales too, one of which is the number of consumers who want to take advantage of the federal tax credit for first time homebuyers before it expires. It seems that even though many homebuyers in California do face significant economic obstacles, many are speculating that the Orange County new homes market will witness a true recovery.
Speaking of that recovery, many officials as well as residents believe that governments at all levels in the meantime need to continue to look for ways to ensure recovery, both in terms of the sales of Orange County new homes and of the economy in general.
To know more about Orange County new homes, please visit http://www.standardpacifictalega.com/.
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