It appears that residential real estate in Orange County, California, is making a comeback.
The Orange County Register reports that as of last Thursday, 2,540 existing homes and condos had been placed into escrow in the past 30 days, a gain of 677 homes over 2007 and only 161 homes short of late April 2006.
This means that it is possible that Orange County’s record of 31 straight months of declines in home sales will come to an end.
Also, Orange County currently has a 6.8 months inventory of homes for sale — still high, but a big improvement over the 8.33 months inventory of a year ago.
See our more recent post on the decline in Orange County home prices.