Hurricane Sandy’s immediate impact on real estate in the hardest hit Northeastern neighborhoods has become painfully evident, from New Jersey shore houses completely swept away by the sea to entire neighborhoods like Queens’ Breezy Point tragically leveled to the ground. But this latest natural disaster won’t just affect certain ZIP codes, it will weigh on America’s housing market as a whole, according to Forbes.com.
In many parts of the country a housing recover has begun. Nationally, home sales have been notably higher this year as compared to last. In September, existing home sales were up 11% year-over-year and pending sales up 14.5%, according to the National Association of Realtors. Prices have risen too, with the national median sales price $183,900, or about 11% higher than September of 2011. Inventory has fallen drastically in many parts of the country, fueling the uptick in prices. The rising numbers have helped housing become a bright spot in recent economic reports, with analysts projecting that residential investment will positively contribute to gross domestic product this year for the first time since 2005.
Now, that rosy recovery is sure to dampen. “This will certainly create a negative in the short term,” says Lawrence Yun, chief economist of the National Association of Realtors. “The bottom line is we clearly anticipate a slowdown, but it will be temporary.”
Take a look at sales figures in our local real estate market for October.
Greenville NC real estate sales statistics for October 2012 saw the sold listings increase by 31% when compared to October 2011. The pending sales have increased by 28%, and new listings have increased by 22% when compared to October 2011. The average sale price decreased by 12% to $ 150,980 when compared with October 2011. Market times decreased by 15 days from October 2011.
|October 2012||124||83||78||$ 150,980||120|
|October 2011||97||60||109||$ 171,288||178|
Information is provided by the Greenville Multiple Listing Service and is deemed accurate but not guaranteed.