Here is a quick update on the Lancaster County Real Estate market. Steady growth continues, helping the market move closer to pre-recession levels. More details below.
Even though we saw a 13% increase in New Listings in the month of June, the Supply of Inventory is 9% lower, compared to this time last year. This drop in Supply is pretty evident, as there has been very little quality inventory to choose from in the local markets that I have been showing homes in recently. As a result, Pending Sales overall were down in June, as buyers struggled to find a home they are interested in. Hopefully New Listing numbers will continue to improve moving forward. A positive result of the low supply is the Average Sales Price, which is up 5% compared to June of last year.
Interest rates for a Conventional loan continue to stay in the low 4% range. Government loans (USDA/FHA/VA) are currently 3.75%. Interest rate increases continue to be a topic of discussion, as the government remains anxious to speed up the economic recovery process. If you haven’t already, take advantage of these low rates before they start to rise! Contact me today for a recommendation of a reputable, local lender to talk with.
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