home sales are up in Charlotte (condominiums, townhomes, price)

[Weis02]

The Charlotte area had a 10 percent increase in previously owned homes, which include single-family, townhomes, condominiums and co-ops, from July 2005.


N.C. Association of Realtors, 4,543 existing homes were sold last month, compared with 4,138 in July 2005.

The average sales price last month rose to $230,159 from $218,432 in the year-ago period.

Statewide, NC sales fell 2 percent

But ... interesingly NEW HOME SALES ** in the south fell 8 percent the busiest sales region - this statistic is national but it will be interest to see when NC specifically comes out with their figures and I think the early fall season and next spring will be a big sign in NC because these statistics are based on what was prev sold, now there is a lot on the market in other areas and if this continues, sales will have to show some decrease in NC, maybe this will help to slow some the growth and nc can catch up before the sales start moving the other way (And they will)

My prediction is sales will still increase in NC but will show some declines, meaning the growth will slow down percentage wise - this will occur until things start picking up in the other areas where some sales in NC are contigent on what occurs in these other areas...


** New home sales are recorded on contract, usually before the home is built, and can be seen as a gauge of future economic activity.