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Market Insights

August sales volume soars

 

Seacoast market bounces back from poor July-sets new records

By John W. Rice, Broker

PORTSMOUTH-Record low home mortgage interest rates have spurred a seacoast sales rally. After a poor, post-tax break July showing, Seacoast residential sales have rebounded during the month of August. According to the Seacoast Board of REALTORS, sales of single family homes jumped 39% . The month also represented a 29% improvement from last August.

            It was the best August since 2007 for total sales and also the best since 2007 for sales in the $700,000 to $1 million category. The seven closings in this price range topped the year's previous monthly high of four set in January.

            Condominium closings were also the best for August since 2007. There were twice as many sales this August as last-an 89% improvement from last month. Sales of condominiums in the $300-$600,000 range registered the strongest August since 2007 as well, setting a new high for the year, and actually topping every month's totals for that price range since July 2007.

 


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