Here is a report of the current housing statistics for the Greater Binghamton, New York Area for July, 2010:
July's residential sales were down 44% compared to June of 2010. Only 105 homes sold in July compared to 246 sold in June. This is most likely due to buyers rushing to close on their loans before the first deadline of June 30th under the HomeBuyer Tax Credit program.
However, this number is 10% higher than July of 2009, bringing some optimism to the current housing statistics.
16.2% of the homes sold in July were in the $100,000 to $120,000
price range. This is right on track with the area's median sold price of
$115,000 which has climbed steadily every year. The Greater Binghamton
Area did not see a boom in home prices when much of the country did
back in 2005 to 2007. Instead, prices climbed slowly and steadily sparing
us the crash in home values.
9.5% of homes sold were in the $120,000 to $140,000 price range in July.
Conventional mortgages were the most commonly written mortgage
product at 37.14% of homes sold in July followed by FHA mortgages
at 28.57% of total homes sold last month. Surprisingly 24.76% of
buyers paid for their homes with cash.
Would you like more information about the Greater Binghamton Area which encompasses Broome, Chenango and Tioga Counties? Call, text or email me today at 607-237-4526.