BUSINESS HEADLINES

Home sales cool in December

By Richard Greene | Published Saturday, January 19, 2019
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After home sales in Wise County picked up in November, they took a step back in December.

Eleven fewer homes sold in December than the month before, with 65 properties changing owners. The December sales were down one from December 2017.

The median sales price for the 65 homes sold was $203,500, which was down from the $208,000 in November. It was nearly $50,000 less than the $253,425 average price for the 66 homes sold in December 2017.

Of the homes sold, 38.1 percent were between $100,000 and $199,999 and 33.3 percent between $200,000 and $299,999.

Two hundred eighty homes were on the market in December. Homes were staying on the market 63 days and taking 34 to close.

The months of inventory dropped from 4 in November to 3.9 in December. The figure represents how long it would take to deplete inventory assuming no new inventory is purchased or put on the market.

According to Freddie Mac, the average interest rate on a 30-year fixed mortgage was 4.45 percent Thursday – the same as the week before. The average rate has dropped since reaching 4.94 percent Nov. 15.

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