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

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