The data from home sales for the month of January came out today and it continues to show soft prices for homes in Coastal Orange County. The median price of a single family home in Coastal Orange County came down for the month of January and the average days on market rose from 86 to 95 days. In addition the number of homes on the market did increase by 3% from the month of December. All in all the data is still telling us this is a buyers market right now. Homes that are priced correctly are selling and sellers priced for top dollar are sitting for a while. It is of note that December and January are typically the slowest months of the year for home sales and most economic forecasts show Orange County home prices rising by a modest (5%-10%) in 2015.
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