The figured compiled by the Lancaster County Association of REALTORS show a mixed picture for the local housing market. On one hand, for the month of May, 2008, only 462 homes settled, down 13% from the 531 homes which sold in the same month of 2007.
On the other hand, the average sale price of $193,741 in May is actually slightly up (0.1%) from the $193,633 average of the previous May. This may or may not signal a stabilizing of prices. New residential listings are down to 795, from 912 at the same time last year. That should be good news, indicating that our local inventory of houses is being absorbed. Non-serious sellers are delaying putting their homes on the market, which should keep a floor under home prices.
The median sale price, which is the price at which half the homes sold above and half below, was $172,000 versus $179,000 for May the year before. The number of sales for the first five months of the year is still 20.1% lower than the five months year-to-date of last year.
Our Lancaster County local lenders continue to be more competitive than the national averages, which makes our area a great opportunity for buyers right now! Nationally, the 30-year fixed average rate was 6.45, and the 15-year fixed rate was 6.04%. Locally, 30-year fixed rate mortgages averaged 6.02%, and 15-year rates averaged 5.66%.
It's still an excellent opportunity for anyone planning to trade up to save money on the home they're planning to trade up to.
Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA. To learn more, visit http://www.FindLancasterHomes.com/
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