Who, or what's to blame for lake's problem smell? - Local History ...

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Thursday, July 21, 1994 YourHome Page 5
May home sales strong despite higher mortgage rates
Sales of existing single-family
homes were up from a year ago but
were steady compared Wlth April,
accord1Og to the National Association
of Realtors.
The association recorded a seasonally
adjusted annual sales rate of 4.09
millIon eXlsting s1Ogle-fanuly homes 10
May, up 133 percent from the same
month a year ago, when the resale rate
was 3_61 milhon units. The May resale
rate held relatlvely steady compared to
the previous month despite a two-year
peak In mortgage interest rates. The
May Tate fell only a slight 0.7 percent
from April's pace of 4.12 million units,
and marks the seventh month in the
last year that the home sales Tate has
exceeded 4.0 mIllIon umts
"The recent uptick in mortgage
mterest rates has had little impact in
the eXlstmg home sales segment of the
market It appears that whIle some
consumers have chosen to delay purchases
due to higher rates, overwhelmmgly,
buyers have brushed off rates
because they are mtent on bUYJng a
home," said NAR president Robert H.
Elrod.
"Despite the rise in mortgage interest
rates, afTordahility conmtlons
remain at one of the best levels of all
times and are still a strong driVlng
force behmd tlus healthy housing market."
The Federal Home Loan Mortgage
Corp. reported that the national average
commitment for 30-year, conventional,
fixed-rate mortgages was 8.60
percent in May, up from 8.32 percent
the preVlOUS month and the hIghest
since May 1992 when ,t 'Vas 8.67 percent.
May's national median eXIsting Single-family
home pnce was $109,900,
up 3.2 percent from one year earlier,
when the pnce was $106,500. The
median IS the mIdpOint In the pnce
range - half the homes sold cost more,
half cost less
NAR chief economIst John A.
Tuccillo S81d that while a shght drop In
horne sales between Apnl and May
reflects a normal reactlon in the marketplace
to hIgher mortgage Interest
rates, the stahle pace also indicates
that higher rates have not dampened
sales.
"The fact that the home sales rate
remained relatIvely steady between
April and May is a f,coo. sign that the
impact of higher mortg
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