Pending home sales increased in June following a wide swing down in April and then up in May, according to the National Association of Realtors®. Activity increased in the West and South but declined in the Midwest and Northeast; all regions show strong double-digit gains from a year ago. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 2.4 percent to 90.9 in June from 88.8 in May and is 19.8 percent above the 75.9 reading in June 2010, which was the low point immediately following expiration of the home buyer tax credit. The data reflects contracts but not closings. Lawrence Yun, NAR chief economist, said there may be some increase in closed existing-home sales. “For the majority of transactions, the lag time between pending contacts to actual closings is one to two months. Therefore, the two consecutive months of rising activity should lead to overall improvement in closed sales in upcoming months,” he said. “Though a higher than normal cancellation rate can hold back final closing figures, it could well be that some past cancellations are nothing more than delayed buying decisions rather than outright cancellations.”
The report out July 28th indicated the south has seen an increase in sales. We see that on Pleasure Island, where we’ve increased by 30% this year thus far. An example to this is that we started this year off with over 70 foreclosures between Carolina and Kure Beach. Currently there are 24 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process in Carolina Beach and only 6 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process in Kure Beach. This is a definite decrease since January. Some other Real Estate statistics in Carolina Beach is there are currently 469 resale and new homes for sale according to Trulia. There are currently 130 resale and new homes in Kure Beach. The average listing price for homes for sale in Carolina Beach NC was $329,010 for the week ending Jul 27, which represents a decrease of 1.3%, or $4,375, compared to the prior week. In Kure Beach we see an increase with the average listing price for homes for sale in Kure Beach NC was $557,122 for the week ending Jul 27, which represents an increase of 3.9%, or $20,714, compared to the prior week.
Wow, it’s good to see the market up and sales jumping in our area. It also means it’s a great time to sell and buy! Even with all the bad news headlines consumer confidence increased along with consumer spending. The urgency on this market is the interest rates. With inflation being held in check, home prices normalized and the rates will eventfully begin to creep up. We are about a point lower than a year ago. So if you’re thinking of buying or selling now is the time, these rates should create urgency in your decision!