National and Local Housing Markets Gaining Traction...
Existing home sales in Moore County, NC rose in June to the same level as June 2008, according to the Pinehurst-Southern Pines Association of REALTORS®
Nationally, new home sales rose last month at the fastest pace in more than eight years, a sign the real estate market may be gaining traction, according to economists.
Historically low interest rates coupled with a federal tax credit for first-time homebuyers helped propel sales to their highest level since November, the Commerce Department reported Monday.
Locally, the Pinehurst-Southern Pines Association of REALTORS® reported 107 homes sold in June, compared to 106 during the same month a year ago. The average price was $253,449, compared to $270,185 in June 2008.
For the first six months of the year, 402 homes have been sold with an average price of $245,445. This compares to 554 homes sold during the same six-month period of 2008, with an average price of $270,598.
While the average home price in Moore County in June was less than for the same month last year, it is higher than the 2009 year-to-date average, according to statistics from the local board of REALTORS®.
The lower average price does not mean that homes are selling for less, than they would have a year ago... It's more that the lower priced market is the most active at this time. The move-up market remains sluggish which creates drag on the rest of the market. Nevertheless, we remain hopeful and cautiously optimistic that market activity and prices will continue to improve during the second half of 2009.
Independent resources reported that nationally, sales have risen for three consecutive months and construction of new homes is at the busiest level since last fall, according to the Commerce Department.
Despite the improvement, the pace of sales for new homes in June was still 72% below the high mark set four years ago, and there yet remains a significant inventory of available homes.
For more specific and in-depth information on Pinehurst Home Values, view our monthly Housing Market Update at www.PinehurstRealEstate.us and/or contact us with your questions and comments.
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With our highest regard,
Wayne and Lynda Gomillion
"The Pinehurst Home Team"
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