The Commerce Department reported on Thursday that May New Home Sales fell from an eight-month high due to weakness in the South, Northeast and West. New Home Sales fell 6 percent from April to an annual rate of 551,000 units, below the 560,000 expected. April was revised lower to 586,000, still the highest since February 2008, from the previously reported 619,000 units. However, the housing sector still remains a bright spot in the economy.
Local real estate news:
Don Harris with The Wilmington Regional Association of Realtors recently released that "The Wilmington area real estate market continues to show overall robust activity. Total Units Sold have increased over 20% from Jan-May 2016 weighted against Jan-May 2015 and the Median Sales Price has increased a modest 3.62% over the same time." See the whole article here
Brunswick County continues to impress with statistics from last month which is the highest number this year so far. The total home sales volume rose 49.8% from May 2015 to May 2016!
May Statistics for Southeastern NC coastal counties:
New Hanover: 783 sales, $260,104 average sale price, $203 million total
Brunswick: 331 sales, $253,828 average sale price, $84 million total
Columbus: 15 sales, $99,300 average price, $1,490,000 total
Robeson: 19 sales, $90,212 average price, $2,890,000 total
Bladen: 3 sales, $67,500 average price, $202,500 total
Source: Brunswick County Assoc of Realtor.
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