The consistent trend of increased home sale prices continued through May. The average sale price of homes in May 2011 increased by 9.6% to $178,800 as compared to May 2010. The number of homes listed increased by 7.6% and the number of closed sales decreased by 31.2%. Fewer homes are selling, but they are certainly selling for more than they did one year ago. The average sale price for the first five months of 2011 increased by nearly 7% as compared to the same period in 2010.
Interested rates have dropped slightly in the past 45 days. Current rates are 4.25% for a 30 year fixed FHA mortgage and 4.5% for conventional. Qualified buyers should take heed. With interest rates bouncing up and down, it will only get more expensive to buy that dream home in the long term. It’s one of the best times ever to buy.
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