Resales Down But Housing Still Strong
The housing market for resales may be dropping but the overall homes sales remains strong and is on track to set record sales for the fifth year running. The sale of 34,364 new homes till Novemeber 2005 is a record compared to 29,472 new homes sales for all of 2004. The median prices for new homes in Novemeber was $301,519 which is 5.9 percent above the price of last year.The mortgage rates have remained more or less steady recording only modest increases this has allowed the real estate market to cool down more steadily instead of just crashing down as most analysts had predicted. The mortgage rate this month is about 6.22 percent which is about 6.07 percent in October.
Major indicators like drop in new homes sales indicates that the market has peaked and is ready for a slowdown. The inventory of existing homes is the highest today in nearly two decades and will cool down the prices of homes. The median price of homes are slightly lower than last month but significantly higher than 2004 and stands at $215,000 in November.
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