Orange County Real Estate has taken it’s bumps and bruises over the last few years and to have a ‘Home Sales Buying Season’ would be a great thing, and last week the National Association of Realtors’ Chief Economist, Lawrence Yun, proclaim as as much.

The Spring of 2012 has given Orange County real estate outlook a strong indicator of growing optimism which being buoyed by an upward trend in the national “pending home sales” numbers. NAR’s Yun references January’s pending home sales which have risen to the highest level since April 2010. The number rose from 95.1% in December 2011 to 97% this January – a 2% increase in one month.

When compared year-over-year, the January home sales level rose 8%, from 89.9%.  This could be the positive marker buyer have been looking for while trying to feel out a fickle California real estate market. Pending sales are defined as homes that are under contract but have not yet closed escrow.(If they were using Reliant Escrow they would be closing quicker!) They are a leading indicator of the housing market since they represent future business that will only be confirmed statistically in the months ahead once the properties close escrow.

January’s figures are significant for a number of reasonss. First, year-over-year comparisons are valid comparison versus ubiquitous data that has random annual references points, and 8% represents a significant gain and could point towards real, positive growth in sales.  When compared to April of last year the data trend is even further validated.

The NAR’s figures are the highest seen since April 2010, which was seen as the rush to take advantage of the Federal First Time Buyers program.  Economist, Yun sees these newest figures as translating into what he terms a “meaningful gain” this year as the California Real Estate market continues to stabilize.

At Reliant Escrow, based in Orange County we have seen the positive trends noted by Yun, as our office increased escrow openings in January and February.  Hopefully these positive trends continue for the Orange County real estate market as we enter into the “buying” season.   With a number of unknown factors still threatening the economy at large, if these can be kept at bay we should see both buyers and investors coming back to purchase real estate.