The total number of sales for Orange County in July, (the last month available) is 2,799, a staggering 45% increase from June and up 17.1% over July a year ago. The overall median price is $461,000 and that is off 6.9% from June and down 28% from a year ago. The most amazing number is the number of sales under $400,000 which came in at 972. That is an increase in that price range of 275% from a year ago. Every price range increased in the number of sales by at least 20% and the $500,000 to $600,000 price ranged increased by 39%. This is important to note because it means that sales have increased in all price ranges not just the lower end. This gives credence to the sales slump being over. The number of properties entering into default increased slightly to 2,320, which is only a 1.7% increase. This would indicate that foreclosures may have peaked or are close to doing so in Orange County. All these factors are positive indicators of the beginning of recovery.
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