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Lower Housing Inventory – Good News for Sellers!

September 20, 2011

We did see some right results for housing last week, and hopefully we’ve been working joyfully and peacefully to bring them about. Realtor.com reported that inventories of homes, condos, townhouses and co-ops shrank in August for the fourth month in a row. They’re now down 19% from a year ago, and rest at 2.27 million units. Dropping inventories do keep home prices from falling and, supporting this, the national median list price was unchanged from June and July and up about 0.5% from a year ago, at $189,900.

National average mortgage rates continued to drift downward, again hitting new record lows. And borrowers are responding, with demand for purchase loans up 7% from the week before, according to the Mortgage Bankers Association. Refinancing applications are also up. Freddie Mac’s chief economist noted the average interest rate on outstanding mortgages is 5.28% and that refinancing into a 30-year fixed mortgage at today’s rates could save $1715 a year in interest on a $200,000 loan.

Courtesy of George Hagar

Prime Lending

Mortgage Loan Officer

4 Venture #100

Irvine, CA 92618

714.309.5665 | P

.

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From → Homeowners, Sellers

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