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he results of its Primary Mortgage Market Survey in which Mortgage Rates fell for the ninth straight week. Frank Nothaft, its vice president and chief economist said, "Inflation in the economy in the first three months of the year was contained and upward price pressure in the near-term seems unlikely."
When inflation is contained, mortgage rates decline, and home sales are stimulated. In fact, existing home sales hit a record high in April, defying expectations of a modest slowing trend, according to the National Association of Realtors.
David Lereah, the NAR's chief economist, said sales had been expected to hold at high levels. "A new record is a bit unexpected, but so is the performance of mortgage interest rates which have been lower than forecast," he said. "When we look at recent job gains, we see all the positive factors coming together to coincide with a powerful demographic demand for housing."
Jody Lane, president of Realty Times, says "New home sales are up, existing home sales are up and prices are holding firm. This should dispel any rumors about a so-called housing bubble."
He says, "Informing consumers through Realtors is exactly what our Market Condition Reports are designed to do. We have seen a huge increase in the number of people viewing this information. Realty Times is the leading publication dedicated to helping consumers in their pursuit of home ownership, because we are Realtor-friendly and wholeheartedly believe that it should be Realtors, the local market experts, who deliver market information to consumers."
Realty Times' Market Conditions Reports
In Mamaroneck, New York, the overall real estate market in is holding strong due to the close proximity to NYC and limited inventory. The average sold price has gone up two percent since the same time last year. Prices on some properties are being lowered, and buyers are not as plentiful as a month ago. The Long Island Sound area continues to be in demand due to the easy commute to Manhattan and Stamford, as well as White Plains. There are 50 homes currently on the market, ranging from $369,000 to $9,000,000 with the average listing price of $1,600,000.
Moving over to Sisters, Oregon, the central Oregon real estate market is hot, hot, hot, say our experts. Pristine lakes, rivers and streams amid towering forests of Ponderosa Pines, are all nestled beneath the snow-capped Three Sisters Mountains on the east side of Oregon's snowy Cascade Mountains. Our local Realtors tell us that real estate is moving like hot potatoes and home shoppers and Realtors are working hard to keep up with the pace. Much of the demand is coming from out-of-state buyers, particularly California, for high-end homes and homes across the board. They are cashing out on a very inflated market and feeling like they are still able to procure a great deal here. Current inventory in Sisters is low, and buyers are waiting in the wings. It's definitely a seller's market!
Finishing up in Loveland, Colorado, our expert Realtors there tell us that today's market is showing signs that it is a great time for buyers. Properties are taking much longer to sell today, so sellers need to be sure to price it right when they first list a property. Resales must be sharp-looking, clean and ready to go because they are competing with new construction. New home sales are up for the past two months. First quarter 2005 numbers indicate that the median price remains virtually unchanged, around $220,000. These numbers do include new homes, which are a significant percentage of the Loveland market.
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