For the first time in over a year we are beginning to see some positive changes in several of our monthly indicators. Pending Sales (homes under contract, but not yet closed) are up 16 percent over last June and making the second month in a row we have exceeded last year. The number of homes shown to potential buyers in June was also up 9 percent over last June. Sales continue to increase on a monthly basis with June sales reflecting the trend of sales increasing each spring with sales up 17.6 percent over May. While June sales are down 20 percent from the previous year this figure continues to reflect the impact of Federal Tax Credits available for the first three quarters of last year. Sales year-to-date for 2011 are averaging at the same levels we experienced in 2001. With the increased number of pending sales we anticipate that July closed sales will outpace those of the previous year. Average sales prices for the region were up 3.3 percent from the previous month, but were down from last June 3.0 percent. The median sales prices were up slightly by .4 percent over the previous month and also showed a decrease over last June of 4.6 percent. The Housing Affordability Index for June continues to remain at the near record level of 179, which is an increase of 8.6 percent over last year and a positive indicator for housing affordability. This index measures housing affordability for the region. This marks the eleventh month the index has exceeded the 175 mark. An index of 120 means the median household income was 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. The current supply of all housing within our system is 11.4 months based on June closings, up 11.6 percent from last year, while new listings decreased by 13.4 percent.
Company: Chandler Gaddy Realty
Phone: 919-630-3919
Email: wgaddy at nc dot rr dot com
