Metro Homes Sales Up 23% Over Last Year, but Housing Recovery Still Slow
Mortgage rates fell to a new record low for the forth time in five weeks, and the number of homes sold in the Richmond metro area rose 23 percent in the second quarter from the same period a year ago. But as Charles Fishburne reports, this doesn’t necessarily mean a recovery in the housing market
The housing recovery isn’t here just yet, as the sale of previously-owned homes dropped another 5.1% in June.
But some numbers are better; homes sold in the Richmond metro area did rise 23% in the second quarter compared with the same period last year and the median price statewide was up about 2% to an average of 235 thousand.
Karen Smith, President for the Richmond Association of Realtors, says she believes the spike was caused by people rushing to take advantage of the federal homebuyer tax credit before it ended. Still, she says, she's hopeful a good inventory and low interest rates might help carry the momentum into the third quarter.
That interest is now 4.56 on 30-year fixed rate, lowest since Freddie Mac began tracking in 1971.
Charles Fishburne, WCVE News