Its almost the Thanksgiving and from now until mid January shopping for homes is usually not a top priority. According to the National Association of Realtors the pending home sales index is 1.2% lower then at the same time last year. This is the first time in 29 months that we have actually seen a dip. The good news for buyers is now is the time to get a deal! Homes are sitting on the market a little longer making for some opportunities for motivated buyers. Homes in Newport Beach, Costa Mesa, Huntington Beach, and Irvine are still at least 30% off their highs in 2007 and the current rates are considerably less then they were then. Most national economists still expect prices to rise in 2014 albeit at a slower pace. Historically the pending home sales index increases from January-August so with rates near 4% now is a great time to buy!
Remember your basic economics. Right now supply is a little higher then it has been and demand is low so the prices are a little softer right now.