According to the Lancaster Association of Realtors Pending sales were down 19 percent over October 2009 when the federal tax-credits were in full swing, but dipped only slightly (2.5 percent) over last month's pending sales. Looking at the pre-tax credit market of October 2008, October 2010 pending sales were up 1.3 percent.
The average sale price here was down slightly (1.2 percent) over October 2009 to $177,771 but year-to-date, the average sale price is up 3.0 percent to $189,498 over the same period (January through October) in 2009.
More than half (51.0 percent) of the homes and condos that sold in October were on the market for 60 days or fewer (national trends report 5-6 months on-market averages).
Home sales in the $400,000 and higher range have increased 34.0 percent over the same 10-month period last year.
SO WHAT ARE MORTGAGE RATES DOING???
The average commitment rate on a 30-year, fixed rate home loan as of November 24th was 4.40 percent, down from the 4.78 percent rate one year ago. The average rate on 15-year, fixed rate mortgages was 3.77 percent, down from the 4.29 percent rate one year ago. One-year adjustable-rate mortgages averaged 3.23 percent, down from the 4.35 percent rate one year ago.
It's A Great Time To Buy!
Despite the negative media, it's still a great time buy. Mortgage rates are still historically low, meaning you can buy more lancaster pa home for your money.
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* This information has been provided by FlexMLS as of November 16, 2010 and Lancaster Association of Realtors.