Market Update- August 2011

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%.

Lisa VanderLoo

Lisa VanderLoo

Sales Associate
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