“Long-term U.S. mortgage rates stayed below 5 percent for the second straight week, according to Freddie Mac’s weekly rate report.

The average rate on a 30-year fixed-rate mortgage in the week ending March 11 was 4.95 percent, down from 4.97 percent last week, according to Freddie Mac (NYSE:FRE). A year ago, 30-year mortgages averaged 5.03 percent.

One-year adjustable-rate mortgages averaged 4.22 percent this week, down from 4.27 percent the previous week.

The National Association of Realtors this week reported a month-over-month drop in pending sales of existing homes, falling 7.6 percent from December to January. That same report said pending home sales in January were up 12.3 percent from a year ago.

Home buyers hoping to take advantage of a buyer tax credit of up to $8,000 have until April 30 to sign a contract on a sale that must close by the end of June.

On Thursday, the Charlotte Regional Realtor Association said the Charlotte market had 1,397 home sales in February, up 3.6 percent from February 2009. Closings also increased 2.5 percent from January.

The average sales price in February was $191,288, a 4.6 percent increase during the year, according to the association. The average sales price dropped 4.6 percent from $200,592 in January. The average listing price of homes sold in February rose 5 percent to $216,605 from February 2009.

There were 1,954 pending contracts on residential properties in February, up 14 percent from the same month last year. Pending contracts rose 6.6 percent from January.

“We are pleased that closings, contracts and the average sales price figures are up compared to this time last year,” says Lyn Kessie, president of Charlotte Regional Realtor Association. The association’s figures are derived from activity in its Carolina Multiple Listing Services Inc. “With the spring selling season upon us and the tax credit expiring, we are hopeful this trend will continue. It is critical that distressed properties in the MLS be absorbed so that stabilization can continue to occur in our local market.”

The figures are for homes in Mecklenburg, Union, Iredell, Lincoln, Cabarrus, Gaston, Stanly, Anson, Montgomery and Alexander counties.” ~ Source: Charlotte.BizJournals.com

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