Market news

By
Commercial Real Estate Agent with Spa Realty, Inc
Rates Are Up, And So Are New Home Sales!

Home prices continue to normalize across the country while mortgage rates have increased slightly, according to recent reports by Freddie Mac and the National Association of REALTORS®.

The thirty year conventional, fixed rate mortgage has risen to a national average of 6.37 percent in late May, compared to 6.18 percent in April, and 6.51 percent in April 2006. Much of this increase has been attributed to the recent shake-up within the sub prime mortgage market. Although experts believe there may be more increases in store later this year, these historically low rates continue to support the housing market during the country's recent cool down period.

Average Sales Price of Existing Homes by Region

Date 

U.S.

Northeast

Midwest

South

West

2004

$244,400

$273,600

$189,400

$215,600

$324,300

2005

266,600

297,000

203,800

231,700

363,800

2006

268,200

299,700

205,300

230,000

371,300

01/07

257,300

292,500

194,700

222,500

352,300

02/07

260,100

292,200

188,400

225,200

366,700

03/07

265,200

302,100

199,100

227,300

365,200

04/07

268,400

308,800

203,000

227,900

369,400

Statistics from the National Association of REALTORS®

Single family home sales declined 2.4 percent from March to April, while statistics for existing homes were mixed regionally. The market got an additional boost from new-home sales, which jumped over 16 percent in April, according to the Commerce Department. The market for new homes was particularly strong in the South, which showed a 27.8 percent increase in new home sales, followed by 8.5 percent in the West, and 3.8 percent in the Northeast. The Midwest was the one area where new home sales actually declined and showed a 4 percent drop during April.

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Rainer
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Ray Perry
CENTURY 21 The Neil Company Real Estate - Roseburg, OR
Realtor, CRS, GRI, e-PRO
Thanks for the update
Jun 26, 2007 08:05 AM #1
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Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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