Greenville NC Market Trends for December 2014

2015 is off to a great start for home buyers according to an executive order announced last week authorizing FHA to cut .5 percent from the annual mortgage insurance premium for the FHA backed loans with terms greater than 15yrs. For most FHA loans this will reduce the annual premium from 1.35 percent of the loan balance to .85 percent. Loans with balances above the loan limits in effect in most areas and with current MIP of 1.50 to 1.55 percent will see new premiums of 1.00 or 1.05 percent respectively. The upfront premium for all loans will remain unchanged at 1.75 percent. 

Borrowers with FHA-insured loans can refinance and obtain the lower annual MIP, as long as the original endorsement was after May 31, 2009 (Older loans have a lower annual MIP. The annual MIP was increased from 0.55% to 0.90% in October 2010, to 1.15% in April 2011, to 1.25% in April 2012, and to 1.35% in April 2013 for borrowers with less than 5% down.) 

Greenville NC Real Estate Market Trends and Sales Statistics- December 2014

The number of new listings decreased by 6.4% in December 2014 compared to the previous year. Pending sales decreased by 7.4% while the number of homes sold increased by 5.4% compared from December 2013. The average sales price rose 29.2%. Days on the market increased by 1 day.

Information courtesy of Liz Freeman, Greenville NC Realtor.