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Melissa Miller
Melissa Miller is business editor at The Southeast Missourian. A graduate of the University of Missouri Journalism School, she's worked as a reporter, photographer, editor and as the executive director of two not-for-profit organizations. After living in Michigan and then Indiana, she moved back to her hometown of Jackson, Mo. In addition to writing daily stories for The Southeast Missourian, Melissa coordinates editorial content each month for Business Today. Business Today is a monthly publication for southeast Missouri's business community. Monthly themes include health care, agriculture, women in business, technology and more. Business Today is direct mailed to business owner and managers throughout southeast Missouri and southern Illinois. Follow her updates on local business developments at www.twitter.com/semissourianbiz or on Facebook at www.facebook.com/MelissaMillerSoutheastMissourian

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Home sales dropped 27 percent in July

Posted Tuesday, August 24, 2010, at 11:40 AM

Sales of previously occupied homes fell to the lowest level in 15 years last month the National Association of Realtors announced today.

The organization says July's sales fell by more than 27 percent compared to June's sales.

It was the largest monthly drop on records dating back to 1968.

"Rates are fantastic and home prices are good. What is lacking is consumer confidence in the economy," Bill Cole broker/owner of Realty Executives of Cape County recently told me.

Mortgage rates dropped last week for the eighth time in nine weeks, The Associated Press reported. The average rate on 15-year fixed loans dropped to 3.9 percent, down from 3.92 percent the previous week. This is the lowest rate on record since 1991.

Cole shared a few interesting statistics with me about the local real estate market here in Cape County.

There are currently about 659 homes available for sale in Cape Girardeau County with an average home price of $220,038.

Homes here spend an about 125 days on the market before they're sold.

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  • A bit confused with the 15-year loan rate as being, "This is the lowest rate on record since 1991." IIRC, loan rates at that time were in the 7 - 9% range?

    Suggest at least part of the drop is due to the expiration of the housing tax credit offer - much like auto sales dipped after 'cash for clunkers' ended.

    -- Posted by fxpwt on Sat, Aug 28, 2010, at 5:10 PM

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