With the summer quickly coming to a close it’s time for us to take a look back at how home sales performed during the second quarter of 2016.
As a reminder, the 2 nd quarter of every year always lasts from April 1 st through June 30 th . During the 2nd quarter of 2015 in Orange County, we had 9,031 home sales while in the 2 nd quarter of 2016 we had 8,850 home sales.
Should We Be Concerned About A Drop In Home Sales?
Between Q2 of 2015 and Q2 of 2016, there was a drop in home sales totaling about 2% but should this be something that we’re concerned about and a sign that the Real Estate market may be in trouble?
The answer to this question is no because, the drop in sales can be attributed to a variety of factors including the fact that homes in some Southern California communities are not as affordable for first time home buyers because prices have risen in some SoCal communities rise by as much as 9% in the last year alone from $250,000 to $400,000.
What to Expect for Q3 In 2016
Even though home sales have declined in Orange County between Q2 2015 to Q2 2016 we could see an increase in home sales during Q3 in 2016 thanks to BREXIT and other factors which have kept mortgage interest rates low even though many economic analysts have been calling for Janet Yellen an increase in interest rates over for the last 12 months.
Regardless if you plan on buying or selling a home in Southern California now is a great time for you to take action because, if you’re a seller there’s still plenty of demand for Real Estate in SoCal, and if you’re a buyer there’s never been a better time to buy a home thanks to low mortgage interest rates, and HUD/FHA loans, which make it possible to buy a home with a FICO score as low as 580 and a down payment as low as 3.5%.
Learn More about the Southern California Real Estate Market
To learn more about the Southern California Real Estate market, or to search for homes for sale, contact Fred Sed Realty today by calling us at (800) 921-9231 or click here to connect with us online.