Real Estate

Looking for answers for weak home sales

By From page HS3 | February 28, 2014

January home sales were pretty slow in comparison to the last three years and February sales appear to be about half of what they were last year. You can’t blame the weather. Most of January and February has been sunny and unusually warm. How about faulting interest rates? Mortgage rates are slightly higher. A year ago the 30-year fixed-rate mortgage was averaging 3.5 percent and today the rates are around 4.5 percent. But seriously, does anyone really believe that a 4.5 percent interest rate is holding back sales? Not likely. Perhaps we just don’t have enough selection? We actually have more homes listed today than were listed a year ago and new listings last month were double what they were in January 2013.

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Ken Calhoon

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