Real Estate Watch: A Silver Lining to Falling Home Prices?

It was the best of times. It was the worst of times. OC home sales have risen to their best levels since the mortgage crisis began. But at the same time, OC home prices have fallen to the lowest levels seen in four years.

So what are we to make of this news? Should we be glad that last month’s sales volume hit 2,100 homes? Or should we be concerned about the median home price falling to $500,000? Or should we feel something different?

Is this a good sign that more middle-class families can finally afford to buy a home in OC? And if more people buy homes over the summer, will this mean the region’s economy may be nearing a recovery? What do you think?

What are you seeing in your neighborhood? Are all those “For Sale” signs finally starting to come down? Or is it just the asking prices that are coming down? And do you think the local economy may finally start to pick up once people start buying these more affordable homes?

So what’s the market looking like out in your area?