After the federal tax credit expired for homebuyers in June, home sales in Lancaster County took a nose-dive by more than 50%. 568 homes sold in June. In July, that number dropped to 276!
Since hitting bottom, the number is steadily climbing. August home sales numbered 302 and September sales increased by 12.3% to 339.
Settlements for the first nine months of 2010 are 4.5% below the same period for 2009.
Interest rates are below 5% for a 30-year mortgage which is helping to drive home sales.
Additional positive news is houses are selling faster. 52% of homes sold within two months and 34% sold within 30 days. The median sale price has also increased over 2009 by 7.9%.