Home-buying market is white hot in spite of the Federal Reserve
YTD volume up 23% over last year
An article in the Summit Daily News by Duffy Hays on August 1, 2006 is presents data supplied by Land Title Guarantee Company and is summarized below.
The real estate market may be cooling off nationwide, but over the summer months so far here in the High Country, the home-buying market is white hot.
For the second month in a row, transaction volume -- the total dollar amount recorded for real estate sales -- showed a dramatic increase over the same period last year. In June, total transaction volume was nearly $162 million, more than a 45% increase over June, 2005. And the number of transactions was 11% more than last year. This follows a record-setting May.
Even though the Federal Reserve has kept increasing interest rates, cooling off previously hot markets like New York, Florida and California, Summit County is still reporting recored numbers.
Summit County real estate monetary volume:
June, 2006 $162,725,600 June, 2005 $112,232,799 Change +44.99%
YTD, 2006 $661,229,706 YTD, 2005 $554,623,699 Change +22.83%
To learn more about the Summit County market, check out Susan's web site, or email her.