Day: July 16, 2020

Home Sales are Above Pre-Coronavirus Levels as Mortgage Rates Hit New Low

Key takeaways for the week ending July 5

  • Home sales were up 2% from pre-pandemic levels and are likely to continue rising; pending sales were up 10% during the same period.
  • Weekly average mortgage rates fell to a new low of 3.03%, fueling homebuyer demand.
  • New listings recovered to pre-pandemic levels for the third straight week, but can’t keep pace with buyer demand; the number of homes for sale was down 29% from last year.
  • Nearly half of homes that sold during the week spent two weeks or less on the market, making the market feel “chaotic” for buyers.
  • Low
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Dot’s House, Fitzroy: House designed with the cat in mind

Dot’s House, also known as the Coleman Residence, by Ton Vu from Atlas Architects. Photo: Tess Kelly

After 30 years of owning a Victorian terrace in Fitzroy as an investment property, Jenny Vizard was faced with a dilemma.

Needing a new home, she could either renovate the tired inner-city cottage and move in herself, or sell it and buy elsewhere.

“I was apprehensive about renovating, but I had a sentimental attachment to the little house. So I felt it was a possibility that was worth investigating,” she said.

RELATED: The ultimate home for cat lovers: Artistic Fitzroy pad has feline

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