Despite some predictions that rising interest rates and a seasonal decline would combine to temper the summer real estate market July 2007 was one of the busiest on record. The 3,873 units sold last month were 41.8% above last year and 5% higher than 2005. Only July 2003 had more sales at 4,023.
What happened? It looks as though the driving force was twofold. First, we saw people jumping into the market who had given up waiting on price corrections. Secondly, because of the rising interest rates buyers who had locked into lower interest rates rushed into the market.
The result of these factors was that sales were pushed up significantly last month along with a boost in prices. The median price of East Vancouver detached homes rose to $651,250, a rise of 10% over last year.
Sales had slowed slightly from November 0f 2006 until the early part of 2007. At the same time, however, prices were rising and not dropping as some had hoped. The last couple of months look to have headed in the opposite direction as buyers appear to have tired of sitting on the sidelines.
|
|
|
|
|
|
No related posts.
