A coastal city located on Orange County's shores, Huntington Beach, California, is located next to the Pacific Ocean to the southwest, Seal Beach to the northwest, Costa Mesa to the east, Newport Beach to the southeast, Westminster to the north and Fountain Valley to the northeast. The city has a a population of around 195,000. The Huntington Beach real estate market struggled in parts of 2008 and most of 2009 after the effects of the global financial crisis spread to the Southern California residential real estate sector, and the number of foreclosures in Huntington Beach spiked to near all-time high levels.
Nonetheless, 2010 has shown to be a better year thus far for Huntington Beach, with prices of Huntington Beach homes for sale showing incremental improvements over 2009 figures, though still not at pre-crisis levels. According to the Orange County Register's monthly data chart, in the month of August, three of Huntington Beach's four zip codes saw improvements in sale prices over the previous year, while one zip code -- the lowest priced one -- saw a 25% annual decline in price to $420,000. The other three zip codes saw increases ranging from 3.5% to 20.5%, with prices ranging from $547,000 to $737,250.
Sales activity in Huntington Beach, meanwhile, had decreased year over year in three of the city's four zip codes. Sales figures fell from 3.6% to 17.2% in three zip codes while they rose 5.6% in one zip code, which saw 38 sales. The drop nearly across the board in sales activity can be mostly attributed to to the expiration in the federal government's tax credits that were made available to a vast number of home buyers to stimulate the economy in 2009.
The O.C. Register reported in late September that there were 715 homes for sale in Huntington Beach, with 156 deals in escrow and 199 of those homes being distressed homes, or 27.8%. Though this seems like a high number of distressed homes, the whole of Orange County sees 34% of homes for sale on the market distressed homes. Huntington Beach has a 4.6 month supply of homes for sale at its current sales pace, a slightly higher supply than in all of the county, where there's a 4.4 months' supply.
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