Orange County Real Estate Fared So Far Better in First Quarter, 07, Than Did Home Sales in Eastern U.S.
Our Orange County Weather gives us much Better Home Sales Statistics Than the Median Figures Below for the U.S.
Orange County, California real estate buyers and sellers caught a break from December through February, because our weather was cool, but quite good for house hunting during the early months, and Realtors were out with home buyers in full force.
The rest of the country, especially the East, faced dank winter days that kept both home buyers and Realtors at Home for many non-productive weeks.
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The National Association of Realtors got out its crystal ball and made these predictions for upcoming housing market:
Last year there were 6.48 million existing-home sales, There are 6.42 million of them projected for this year and in 2008, there’s to be 6.66 million.
The national median existing-home price is projected to rise 1.2 percent to $224,500 this year. This is after a 1 percent gain in 2006.
Existing-home sales are projected to be reduced due to subprime lending restrictions, but they should rise gradually this year and next. Nar says that total sales this year will be fairly close to 2006 because last year’s sales begain high and ended up low.
Sales of new homes are forecast at 950,000 in 2007 and 981,000 in 2008, down from 1.06 million in 2006.
The new-home median price should increase 1.7 percent to $249,600 in 2007, after an increase of 1.9 percent last year.
There will probably be 1.50 million housing starts this year and 1.56 million in 2008. This is in comparison with 1.80 million starts last year.
Weather played a big role so far this year:
January’s icy spell slowed home shopping in December and thus fewer contracts were written on sales.
Then, February had terrible storms that pretty much twarted sales in a good part of the country—there had not been such a fold February since 1979. This, naturally, will keep March sales down with may transactions not closing until April and May.
