Real estate sales still sluggish
The High Country Association of REALTORS released statistics today for residential homes sold through the end of November. Sales are off from October’s numbers, approaching June’s total residential units sold.
Sales continue to fall below last year’s figures. When comparing year-to-date numbers with the same time period in 2008, the number of residential units sold is down 11.1 percent, and the median sold price for residential property is down 11.3 percent. The total number of new residential listings is down 6.2 percent from 2008.
Mortgage rates are also dropping, which is good news for homebuyers. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.88 in November, down from 5.06 percent in September. The rate was 6.09 percent in November 2008.
In addition to lower mortgage rates, buyers now have more time to secure big tax savings. On Nov. 6, President Obama signed The Worker, Homeownership and Business Assistance Act of 2009, which includes an $8,000 tax credit for qualified first-time buyers and a $6,500 tax credit for qualified existing homeowners. This gives prospective buyers an additional six months to take advantage of the popular tax credits, which have helped boost sagging homes sales.
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