The benchmark 30-year fixed-rate mortgage fell to 4.75 percent, according to the Bankrate.com national survey of large lenders. That’s the lowest rate for the 30-year fixed in the nearly 25-year history of Bankrate's weekly survey. Freddie Mac reported an average of 4.58 percent, the lowest level in more than five decades. With prices down and mortgage rates at their lowest in 50 years, homes are more affordable now than they were before the tax credit went into effect. However, the economy is still recovering and that makes some consumers hesitant to buy and as kids get out of school people rush to embrace summer, home sales around Western and Central Washington remained sluggish with pending sales lagging year-ago levels.
What's predicted:
Asked if now is the right time to buy, Grimm replied, “You can’t time the real estate market any more than you can time the stock market,” but added, “If you want to buy a home, and can afford it, I haven’t seen a better convergence of affordable prices and low interest rates in the 25 years I’ve been working in real estate.”. Mark Fleming, chief economist for CoreLogic, said economists at that California-based firm see a U-shaped recovery, similar to the 2000 recession, but with a longer, more pronounced bottom. Because of various factors at play, including the expiration of the tax incentives and various mortgage modification programs affecting distressed properties, he expects the real estate market to “sag through the summer and slower cooler months,” but believes it will eventually grow in line with economic and income growth “as we put the great recession further behind us.”
Below is the residential sales statistics at our Mason County local level for the month of June, 2010.
New Listings:
- Listing Inventory: Total 155. =same comparing to last month, ↓5% comparing to the same month last year.
- Average Days on the Market: 142 days.
- Median Listing Price: $229,450. ↑0.2% comparing to last month, ↓9% comparing to the same month last year.
Pending Sale Listings:
- Pending listings: Total 48. ↓13% comparing to last month, ↓42% comparing to the same month last year.
- Average Days on the Market: 150 days.
- Median Pending Sale Price: $169,961. ↑13% comparing to last month, ↓11% comparing to the same month last year.
Sold Listings:
- Sold Listings: Total 55. ↓9% comparing to last month, ↑14% comparing to the same month last year.
- Average Days on the Market: 175 days.
- Median Sold Price: $147,000. ↓9% comparing to last month, ↓19% comparing to the same month last year.
(Above report compiled by PING Real Estate. Data source: NWMLS published data July 5, 2010).
Below is the statistical summary by the counties statewide for June, 2010:
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