July sales of single family homes and condominiums in the nine sample Seacoast towns fell from June totals as the Federal Tax Credit under agreement June 30 deadline expired.
Despite the closing news, pending sales, spurred by low home mortgage interest rates, actually improved 10 percent for single family homes and a very healthy 44 percent on the condo side.
According to the Seacoast Board of Realtors, the tax credit expiration, combined with a normal July slowdown, led to a 40 percent drop in single family closings and a 48 percent drop in condominium sales. The totals were behind last year's figures, single family sales falling 21 percent from June 2009 and condos by 46 percent.
Single family inventory also reached its highest total in at least three years with 583 units available for purchase.
The month also produced the most $1 million-plus sales since June 2008 — five, including the $3 million sale of 58 Ocean Boulevard in Rye. That was the largest transaction since the $4.1 million sale of 7 Heather Drive, Rye, in October.
"We are still moving at a steady pace over years past despite the tax credit offered by the federal government expiring," said Joanna Rousseau, president of the Seacoast Board of Realtors. "Buyers are looking at great competitive rates from lenders and with interest rates being so low, many homeowners are finding relief by refinancing."
Source
No comments:
Post a Comment