Listings: 4,546, down 23 percent
Pending sales: 1,217, up 38.7 percent
Closed sales: 851, up 17 percent
Median prices: $225,000, down 16.7 percent
There were 851 homes sold in the county last month, a 17 percent increase from July of 2010. More significantly, there were 1,207 pending sales in July, a 39 percent increase from a year ago.The combined median price of single-family homes and condominiums was $225,000, a 16.7 percent drop from a year ago. The median was at $225,000 in the county in November of 2004.
Prices continued to fall largely because of the number of foreclosed homes on the market. Snohomish County was in a building boom when the recession hit, and many of the newly built homes and newly purchased homes went back to the bank.
The low prices have prompted many homeowners to lease their homes rather than sell them. There were 4,546 homes for sale last month in the county, a 23 percent drop from a year ago.
In a statement, the listing service called the increase in pending sales encouraging and noted that home prices and mortgage rates are usually low.
MCLEAN, Va., — Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates dropping sharply amid falling bond yields and signs of a weaker than expected economy. The 30-year fixed averaged 4.39 percent, its lowest level for 2011. The 15-year fixed and 5-year ARM set new historical record lows averaging 3.54 percent and 3.18 percent, respectively.