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Could Rising Rates
Mean Rising Homes
Sales?
brought to you
by Chrissy
Neumann
440
Cherokee
185 Blair Valley
Drive
$569,000
- This is the
neighborhood you dreamed of as a
child!
- Just minutes
from Historic Marietta Square and walking
distance to the neighborhood park
- All
the quaintness and hominess of yesteryear with today's beautiful design
and architecture
- Gorgeous hardwood floors throughout the open
and flowing first floor
- Custom
built-ins, upgraded crown molding, arched doorways and columns grace
this home
- Master suite is
true heaven, fabulous screened porch is perfect for the Fall nights to
come
- Four
sides brick, virtually maintenance free!
- Fully finished terrace level, with
exercise room, perfect in-law suite!
- View This
Home at CastlesByChrissy.com
****If you know a friend, family member,
or coworker who would like their home featured
as the "Tuesday
Tour" email the details to chrissy@castlesbychrissy.com****
Tuesday's
Tip
NAR REPORT SECOND QUARTER
By Martin
Crutsinger
Associated Press
Writer
WASHINGTON - Sales of existing homes rose 2.1 percent to a
new record in June as rising mortgage rates prompted a rush by Americans
to close deals before rates went even higher.
The National
Association of Realtors reported Monday that the increase in sales pushed
the annual rate of existing home sales to an all-time high of 6.95 million
units, beating the old record set in May of 6.81 million units.
The
pace of home sales this year has surprised analysts, who had been
predicting that sales would begin to slow, reflecting the fact that
interest rates have started to increase.
"Although we've been expecting sales to ease, it's clear
that the market has tremendous momentum," said David Lereah, chief
economist for the Realtors. "The improving job market and higher consumer
confidence are feeding into a large demographic demand for
housing."
Still, Lereah said that it was unlikely that the June
record would be surpassed as he expected sales to cool a bit in coming
months. But the Realtors said they still looked for sales for all of 2004
to set a new record, based on the surprising strength exhibited through
the first half of the year.
The strength in housing failed to lift
spirits on Wall Street, where investors continued to worry about the
strength of the economy and corporate earnings in the second half of this
year. The Dow Jones industrial average was down more than 30 points in
late-morning trading.
While mortgage rates are up by about a
percentage point from a year ago, analysts said that they remain at
historically low levels. In fact, rates have backtracked a bit in recent
weeks, with the 30-year mortgage falling to 5.98 percent last week, the
first time it has been below 6 percent in three months.
"When you
look at the economy, you see an improving job market and you still have
low interest rates," said Tom Kunz, the head of Century 21 Real Estate
Corp. "When you look at all of those factors, it makes for a great real
estate market."
For June, the 2.1 percent increase in sales
nationally from the May pace reflected strength in all parts of the
country, led by a 3.5 percent increase in the Midwest, where sales rose to
a record annual rate of 1.46 million units, 11.5 percent above the sales
pace in June 2003.
Sales in the West also hit a record, climbing
3.1 percent from May to an annual rate of 1.99 million units, up 22.8
percent from a year ago.
Existing home sales were up 2.8 percent in the Northeast to
an annual rate of 740,000 units, tying a record set in both September and
October of last year. The June sales pace was up 15.9 percent from June
2003.
Sales in the South were up 0.4 percent to a record of 2.76
million units, an increase of 9.6 percent from a year ago.
The
median sales price also hit a record in June, rising to $191,800, up from
a price of $182,400 in May.
FOR ADDITIONAL INFORMATION ON THE PROPERTY LISTED
ABOVE OR THE TIP PROVIDED
PLEASE FEEL FREE TO EMAIL CHRISSY@CASTLESBYCHRISSY.COM OR CALL ME AT
404.925.5335
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