In national news, mortgage rates dropped again last week (through July 7). Interest rates hit the lowest they’ve been in more than 50 years, with a 30-year fixed-rate loan falling to 4.74% (down from 5.59% a year ago) and 15-year fixed-rate loans at 4.22%, down from 4.93% a year ago.
Locally, home buyers appeared to be on vacation with the July 4th holiday weekend. There were half as many signed purchase agreements last week (July 2 to 8, 2010) as the week before, a drop of 44% from the same time a year ago. There were only 10 closings last week, an 85% drop from the previous week, 41% from a year earlier.
New listings, on the other hand, remained steady with 39 homes new listings last week and 20 additional properties coming back onto the market. Although the volume of new listings is down 25% from a year ago, the total volume of homes for sale is up 11% year over year as sellers continue to outnumber buyers.