Get a jump on your week with the latest in local Real Estate Market trends, Mortgage Rates, and Local Happenings
The Main Story...
... Demand was up across the county, home prices seem stable for now ...
Last week we observed a slight increase overall in closed transactions for the month of May across the county, while it seemed the average price dropped a little. Breaking down the quadrants, we can more clearly see that there were increases in the number of homes closed on in all quadrants, while there were declines in the average price East of Rt. 1 and West of Rt. 13. This indicates good price stability in the middle of the county.
The National average 30 year mortgage rate ticked up again at the end of the month with June starting out higher than Mays average and only slightly below a year ago.
To sum it up...
Across the board, New Construction closings were down a little more than 20% from a year ago while Resale homes made up the difference, and then some. This is good news for the average Seller, bearing in mind that he average Resale home price sold in May was more than 12% below that of building new.
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