Mortgage Rates Flat in Recent Week

Posted on July 1, 2009 by hankbailey

Freddie Mac announced the release of the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 5.42 percent for the week ending June 25, 2009, up from last week when it averaged 5.38 percent. This may not be the sub-5 percent rates that were spoiling consumers of late, but last year at this time, the 30-year FRM averaged 6.45 percent.

The 15-year fixed rate mortgage this past week averaged 4.87 percent, down from last week when it averaged 4.89 percent. Last summer, the 15-year FRM averaged 6.04 percent.

“Mixed economic reports on the state of the housing market helped hold mortgage rates fairly flat this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Existing home sales rose for the second consecutive month in May by 2.4 percent, slightly less than the market consensus forecast; however the median sales price was 16.8 percent below that of the same time last year, according to the National Association of Realtors® (NAR). In contrast, new home sales fell 0.6 percent and the median sales price was only 3.4 percent lower than May 2008.

On a more positive note, the inventory of unsold homes has lessened from a year ago, which may help cushion further house price declines. The number of existing homes for sale was 15.3 percent below that of May 2008, and new homes for sale fell by 35.9 percent. In addition, distressed properties accounted for only about one-third of existing home sales in May, down from over a half in March, according to the NAR.”

If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!

Athens GA Homes and Market Trends; June ‘09

Posted on July 7, 2009 by hankbailey

According to powerhouse Trulia.com, there are 2,086 homes in Athens for sale on Trulia. This includes 187 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. Good news in the recent week is that distressed properties for sale as a percentage of total inventory fell to 8.9 percent. On inventory listed through Trulia, they report an average list price in Athens of $223,644 for the week ending Jul 01, unchanged from the previous week.

The Athens MLS shows for the past month that average and median sales prices are $155,576 and $140,500 respectively while the average DOM (days on market) was at 188 days which is up more than 10 percent as compared to June of 2008. Average and median sales prices in June of 2008 were $182,017 and $156,000 respectively. This does not mean that prices have fallen per se. It does mean that what’s selling are homes that are priced most attractively. Add to this the high volume of first time home buyers and the absence of “step up” buyers from this year’s market, and it is no wonder that homes in the $100k’s are moving. In June of 2008 roughly 33 percent of all homes sold in Athens were over $200,000. In June of this year, only 14 percent.

If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!

Photo courtesy Athens Convention and Visitors Bureau.