Market Update- August 2011
Although home sales are down by 2.8% YTD (sales through June 2010 were artificially inflated due to the first time home buyer tax credit), the number of pending home sales is up 46.2% in June!!! Pending sales are sales that have not been completed yet, but this is a great sign that home sales will be increasing over the next few months.
New listings YTD are down 29.2%. With less supply of homes on the market and increased demand from buyers, prices should start increasing again. The average interest rate for a 30 year fixed rate loan in June was 4.5%.