Burke Housing Market Shows Improvement

As mortgage rates continue to decrease, housing sales in Burke have shown signs of improvement.

Home sales in Burke in the past year have shown signs of improvement.  The May 2012 Real Estate Business Intelligence (RBI) report for Burke, 22015, records:

• The average sold price in May 2012 was $438,925, up 2.38 percent from the May 2011 average sold price of $428,717.
• The median sold price in May 2012 was $432,500, up 14.27 percent from the May 2011 median sold price of $378,500.
• There were 78 units sold in May 2012, up 65.96 percent from 47 units sold in May 2011.
• The average days on the market in May 2012 was 31, down 45.61 percent from 57 average days on the market in May 2011.

Fixed-rate mortgages dropped to a new low this week, according to McLean-based Freddie Mac.

"Freddie Mac’s Primary Mortgage Market Survey has found that average interest rate for 30-year fixed-rate mortgage has matched or hit a new record low in 10 of the past 11 weeks," reported Virginia Business.

A weekly survey by Freddie Mac found:

• Thirty-year fixed-rate mortgages (FRM) averaged 3.62 percent for the week ending July 5, 2012, compared with 3.66 percent last week and 4.60 percent one year ago.
• Fifteen-year FRM this week averaged 2.89 percent, compared with 2.94 percent last week and 3.75 percent a year ago.

One-year adjustable rate mortgages (ARM) averaged 2.68 percent for the week ending July 5, also a new low.  Last week it averaged 2.74 percent. One year ago the 1-year ARM averaged 3.01 percent.