Another article in the Orange County Register quoted a report from the California Association of Realtors that says the median priced home in Orange County increased 10% to $474,110.  They state that number is up 9.7% from April and it is the fourth monthly gain in the last five months.  It would appear that lack of inventory, low interest rates, and very affordable housing is indeed getting buyers off the fence and into the housing market.

 Does This Affect Us As Realtors ?

    We have said it before and we will say it again, perception, perception, and more perception is what drives any type of market.  If people perceive that the housing market is close to the bot­tom and that prices and interest rates will not be this low for a very long time then people will buy.  I saw this exact situation in 1997 when the media began reporting favorable news about real estate.  October of 1997 the housing market turned the corner and began to take off.  Will it happen again in 2009?  Stay tuned.