Just sharing more housing news (Charlotte: for sale, home sales, buyers)

[Weis02]

Home sales begin the slide
Stocks started the day higher, but began sliding after the National Association of Realtors said home inventories reached the highest level since May 1997.

There was a 6.5-month supply of homes for sale at the end of May -- based on the average rate of home sales -- longer than the 6.1-month supply in April, the NAR said. The inventory was nearly double the all-time low of 3.5 months in January 2005. It’s still a small backlog compared to the 13.8-month supply in 1982.

Sales of existing homes fell to an annual rate of 6.67 million in May from a downwardly revised 6.75 million rate in April, the association reported. Economists had predicted existing home sales would fall to a rate of 6.1 million units.

The inventory issue hit housing stocks. The Philadelphia Housing Sector index ($HGX.X) fell 2%. Pulte Homes (PHM, news, msgs) was off 2.2%. Lennar (LEN, news, msgs) was down 3.7%. D.R. Horton (DHI, news, msgs) fell 3.9%.

[cassie853]

I'm guessing that your a realtor, since you posted all that info about home sales. I have been trying to get someone to talk to me about the housing market in/around Charlotte. I plan on moving there in 2 months and am so scared that it will be a mistake. I live in Michigan now and our market is horrible!!!! Any info would be really appreciated!

[Weis02]

No I am not a realtor just following news

[cassie853]

Thanks anyways, I think it will be a good move anyways, just scared. I'm trying to find out what the average realtor makes there in their first year. I figure the competition is big but I can handle that as long as the market good.

[CharlotteNC]

I am a Realtor here in Charlotte and you don't want to know what I made in my first year! Thankfully it has gotten a little better.

The market is OK. On the resale side - last year it was definitely a buyers' market. For every buyer, there were tons of houses for sale. This year, not so although it's not really a sellers' market either. As my broker-in-charge says...it is a 'balanced' market.

As you can tell from the forums there are lots of people wanting to move here. There is also lots and lots of new construction, so often buyers go directly to the new home sales center for the communities and go through the purchase without their own buyer representation.

More and more agents are coming out of class every day - it is a very competitive area but you can make a decent living out of it if you work hard. Good luck!

[cassie853]

Thank you so much for answering back, it was good to hear you say there is lots of new construction, my husband is a siding contractor so I think the move will be good for both of us!