Lawrence Yun, NAR chief economist noted in October that, "A trend away from subprime mortgages to FHA loans, which often carry much lower interest rates, is a positive development for consumers and the house market going forward. Still, it will take some time for the change to yield a measurably higher closed sales volume in the aftermath of the subprime collapse. In the near term, we expect home sales to remain fairly stable." As real estate markets are local, here's what happened in the Rochester market in October:
31 homes sold in Rochester in October:
- 23 single family homes,
- 4 condos, and
- 4 mobile homes.
Year-to-date, 274 homes have sold in Rochester, NH:
-180 single family homes
- 41 condos, and
- 53 mobile homes
In addition, 28 Rochester homes are pending with active contracts.