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.