Anaheim Real Estate News
Like many other Orange County real estate markets, the Anaheim real estate market is beginning to show promise for the future. Although median home prices in the region are still below the previous years’ average and the median home prices have not shown any significant or consistent increase over the past few months, the number of home sales in Anaheim have increased significantly. Many communities are even beginning to post year over year gains in terms of the number of homes or condos sold. However, many real estate experts still believe that the real estate in Anaheim and the surrounding region will most likely struggle and experience slight declines over the next few months before the market can rebound to experience a full recovery. Issues such as job security and the financial security of the state of California still pose as major obstacles to the full recovery of the Anaheim real estate market and the region’s economy as a whole.
DQNews.com has reported that even though the median home prices in Southern California has failed to show any significant improvement, the real estate market has shown promise for the future due to an increase in home sales, with many communities experiencing home sales more productive than that of the year before. In September of 2009, Southern California reported that 21,539 new and resale houses and condos were sold, which was a 0.2 increase from that of the previous month, and a 5.1 percent increase from 20,497 homes sold in the previous year. Many real estate experts attribute the continuing rise in home sales to the large inventory of foreclosed and more affordable homes for sale. Many home-buyers are taking advantage of the “bargain” deals made possible due to the large number of foreclosed or distressed properties for sale. Although home sales are up, median prices in Southern California have declined by about 10.9 percent from that of the previous year. The median price for a Southern California home in September of 2009 was $275,000 compared to $308,500 in September of 2008.
The Orange County Guide to Local Real Estate has also reported the positive outlook of the real estate in Anaheim and the rest of the Orange County real estate markets in the future. Home sales experienced a reported increase by 7.2 percent in the month of July 2009, and the number of mortgage applications has increased over the past months as interest rates decline to a five-week low. Many experts believe that although the Anaheim real estate market most likely won’t begin a full recovery in the near future, it is gaining the momentum it needs to recover when the time is right.