Real Estate News- July Home Sales

Snohomish County
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
For the first time in a long time, home sales rose significantly in July in comparison to a year ago, the Northwest Multiple Listing Service reported Thursday.

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.
30-year fixed-rate mortgage (FRM) averaged 4.39 percent with an average 0.8 point for the week ending August 4, 2011, down from last week when it averaged 4.55 percent. Last year at this time, the 30-year FRM averaged 4.49 percent.  
For first time home-buyers and those looking to refinance this is good news and I must say in looking for homes for clients the bank owned ones are selling incredibly fast. For the rest of us that purchased during the bubble only time will tell but, if your really wanting to move leasing out your current home may be an option. I have seen rents go up significantly due to demand and even those competing against others to get the lease. What a switch for sure!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s