Recent housing market data, as reported in REALTOR Magazine On-line on July 25, 2007.

Daily Real Estate News  |  July 25, 2007June Prices Rise, Existing-Home Sales Decline
Sales of existing homes fell in June with some potential buyers staying on the sidelines, but prices rose modestly as inventories eased, according to the NATIONAL ASSOCIATION OF REALTORS®.

Total existing-home sales — including single-family, townhomes, condominiums, and co-ops — declined 3.8 percent to a seasonally adjusted annual rate of 5.75 million units in June from a downwardly revised level of 5.98 million in May. Existing-home sales are 11.4 percent below the 6.49 million-unit pace in June 2006.

“Two bright spots in the June report are a decline in housing inventory and a modest gain in home prices,” says Lawrence Yun, NAR senior economist. “Although we’ve seen seasonal month-to-month price increases over the past four months, this is the first time in 11 months that the median home price is higher than the year-ago price.”

The national median existing-home price for all housing types was $230,100 in June, up 0.3 percent from June 2006 when the median was $229,300. The median is a typical market price where half of the homes sold for more and half sold for less.

Meanwhile, total housing inventory fell 4.2 percent at the end of June to 4.2 million existing homes available for sale, which represents an 8.8-month supply at the current sales pace, the same as a downwardly revised 8.8-month supply in May.

Consumer Reluctance

Yun says some consumers are uncertain about the current real estate market.

“Home buyers have been getting mixed signals about the housing market, which is causing some of them to hesitate,” he says. “Mortgage interest rates have risen recently, and tightening lending standards are continuing to hamper sales, but fewer risky loans will put the market on a healthier path. Although general buying conditions remain favorable for long-term home buyers, it appears some buyers are looking for more signs of stability before they have enough confidence to make an offer.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.66 percent in June, up from 6.26 percent in May; the rate was 6.68 percent in June 2006.

NAR President Pat V. Combs says that local market conditions vary widely. “Consumers should avoid making decisions based on what they hear about the national market because all real estate is local,” she says. “There are pockets around the country where home sales are quite strong.”

— REALTOR® Magazine Online

The development of 58 new single level condos within the gates of Mid South has started.  Whether you’re looking to “downsize” or for an affordable way to reside inside the Mid South community, these villas are worth looking into.  Contact Todd for more information.

Check out the following excerpts from a 7/9/07 article published in The Pilot:

 New Community at Mid South Club Breaks Ground

The Sandhills newest condominium community is now under construction. Group 90, a preferred builder for Epcon Communities, recently broke ground on a 58 unit ranch style condominium development within the Mid South Club. Epcon Communities is a leading home builder of ranch style condominiums and is currently the 35th largest homebuilder as recognized by Builder 100.

Located in the Mid South Club master-planned golf community, Camden Villas will consist of 58 ranch-style condominiums situated on the highly acclaimed Arnold Palmer signature golf course. Surrounded by four holes of golf, the site offers dramatic views of the golf course, ponds, and the Mid South Clubhouse.

“This is an absolutely fantastic site. The views of the golf course, the pond on the second hole and the elevation changes will make this community very unique,” says Group 90 managing partner, Mark Catalano.

Most of the units will average between 1800 and 2000 sf and feature 2 & 3 bedroom ranch-style floor plans complete with a Carolina room and attached 2-car garage.

A variety of condominium services such as exterior maintenance and lawn care will be provided.  In addition, Camden Villas features a private fitness facility and designer-decorated clubhouse, which will provide the perfect place for neighborhood gatherings.

Not only will residents be able to enjoy the beautiful views of the golf course they will be able to use the club facilities. Included in the initial purchase price of the unit is a Holly Membership to the Mid South Club and Talamore club.

Initial pricing for the community starts in the mid 200′s.

Yes, the brown and somewhat “dated” condos that line course’s 3, 5 and Lake Pinehurst represent a large percentage of all the condos in Pinehurst, but there are very attractive alternatives in nearby Southern Pines.  Take, for example, the golf villas in Talamore and the Mid South golf lodges.  Buying a Talamore Villa (currently 6 on the market ranging from about $165 thousand to $215 thousand) offers member-owners access to two great courses, the Rees Jones’ designed Talamore course and the Arnold Palmer designed Mid South Club and a brand new clubhouse with spectacular views at Mid South.  The more upscale single level Mid South lodges, built in ’05, flank the new clubhouse; there are two currently on the market, one listed at $459 thousand and one at $474.5 thousand.   Learn more about these options and listings on this site under “golf communities.”