Aug 062010
London and area MLS sales down 21%
July was hot, hot,hot but homes sales were cool. LSTAR, the London St.Thomas Association of Realtors,
reported that sales were down 21% compared to last July. Home prices remained strong though, indicating our current market is priced properly.
The chart on the right compares July 2010 sales to those of previous years. 2010 has the lowest sales figures since 2001.
Many predicted a drop in sales due to the implementation of the H.S.T. on July 1st. While H.S.T is added to services realted to a home purchase, it is not added to the price of a resale home.
Will sales increase as “H.S.T. shock” wears off? Are mortgage rate scares a factor? I say scares, because rates are still low.
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