Tustin real estate market

Gravitron at the Orange County Fair (California).
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The Tustin real estate market’s future depends heavily on the fortunes of the larger Orange County real estate market and the economy of the region. That second variable seems to be tentatively trending upwards, according to a June 3, 2010 article in the OC Metro. This piece found that “Chapman University President Jim Doti and economist Esmael Adibi presented the institution’s midyear update to its annual economic forecast today at the Hilton Orange County in Costa Mesa, where a sold-out crowd of 600 business and community leaders gathered, eager to hear that a recovery is imminent.” The piece by Kimberely A. Porrazzo went on to say that “Attendees got what they came for with news that an uptick in new jobs, consumer confidence and median home prices all point to a ‘weak but sustained recovery through 2011.’ The lagging construction industry, however, is expected to stall a more robust rebound.”

The average price of a Tustin home for sale increased in the month of April, according to a May 24, 2010 article also from the OC Metro. The piece noted that “Orange County’s median home price popped 13.7 percent in April, compared to the same time last year, according to a new report from the California Association of Realtors. The number rose to $491,120, up from $432,110 in the same month last year. However, the median fell 0.4 percent from March, when the number hit $493,120.” The article, written by Kristen Schott, continued to say that “Orange County saw a 15.2 percent uptick in sales in April, compared to the same time last year. Again, C.A.R. is reporting that the number fell 1.4 percent from March. Statewide, sales dropped 8.1 percent from April 2009 and 6.4 percent from March.”

This mixed news for the Tustin housing market was echoed in a May 24, 2010 press release from the California Association of Realtors. This piece, released by Marketwire, said that “Home sales decreased 8.1 percent in April in California compared with the same period a year ago, while the median price of an existing home rose 21 percent, the California Association of Realtors (C.A.R.) reported today.”

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