Interest Rates Remain Stable And Home Sales Continue To Increase Despite Low Inventory.
By: Allen Thompson, Broker & Realtor
Home sales continue to increase in West Volusia in spite of declining inventory levels. Low mortgage rates remain stable amidst the strong housing market.
According to Freddie Mac, for the week ending September 3, 2020, the average 30-year fixed rate mortgage was at 2.93%, up just slightly from 2.91% a week earlier. The 15-year fixed rate mortgage average dropped from 2.46% to 2.42% during that same time period.
The Freddie Mac Primary Mortgage Market Survey (PMMS) was introduced in April 1971 and is now considered the foremost reliable representative source of regional and national mortgage rate trends and is relied upon by the mortgage industry and the public in gauging market conditions.
For the month of September, Deltona has had an average of 147 available houses for sale with 320 under contract or pending. During that same period, DeLand had an average of 206 available houses for sale with 222 under contract or pending. As a consumer, this means that it is harder to purchase a home. Low inventory rates mean that house buyers are more likely to find themselves in bidding wars with other buyers when they find their perfect home.
Despite historically low inventory levels, sales continue to increase. In August of 2020, 359 homes sold in Deltona and DeLand. This was an increase of 11.5% over August of 2019’s sales of 322. Local statistics are according to Stellar MLS data from August 2019 through September 2020.