August numbers are in and they look strong! 146 homes were sold in Oneida and Vilas Counties. That is the highest single month since January 2008. 127 homes were sold in July of 2013 and 97 homes were sold in June 2013. In 2012, 112 homes were sold in August and 107 homes were sold in July. In percentage terms, home sales are up 14.9% over July 2013. They are up 30.3% over August 2012. This is all very good news!
Taking a look at the numbers inside the numbers, home sales ranged from $15,000 to $1.3M.
$0 to $100,000 40 homes
$100,000 to $200,000 42 homes
$200,000 to $300,000 26 homes
$300,000 to $400,000 16 homes
$400,000 to $500,000 7 homes
$500,000 to $600,000 6 homes
$600,000 to $800,000 6 homes
$800,000 and up 2 homes
So the good news is the increased buying activity. We still are seeing soft activity in the higher priced homes but increased volume is a wonderful thing.
We have seen a sudden spike in 30 year mortgage rates. In the last 6 weeks, we have seen rates jump from 3.5% to 4.75%. Perhaps this uptick in sales is a result of this increase in rates. I hope that this rate hike does not hurt us in the long run.