Sales volume continues to be lower vs. 2007 for both monthy and year to date figures.  YTD figures show just a slight average price sole decline for single family units in Pinehurst.  Condo average sale prices continue to be higher due to the increased sales of new higher end units versus ’07.  Of course sales volume (# of units sold) continues to be lower than ’07; about 33% lower year to date for single family units and 27% lower for condos.  

Despite the volume declines, prices seem to be holding their own.  Pinehurst continues to reap the benefits of a fairly steady flow of retirees from the north in search of a top notch golf community in a moderate climate.    

                                             June ‘08          June ’07           YTD ’08        Same ‘07

Pinehurst Single Family

# Units Sold                                25               35                    126               189

Average Price                          $281,576       $325,814          $321,757      $329,531

Avg. Days on Market                   119             110                    132                135

Pinehurst Condos

# Units Sold                                10                13                    46                  60

Average Price                          $198,088      $164,461          $217,739       $158,805

Avg. Days on Market                   218              101                   248               136

Information provided by Broker/REALTOR® Todd Kenthack, owner of The Pines Realty.  Contact Todd at (910) 603-9050 or by email at Todd@GolfHomesInPinehurst.com . 

Source:  Pinehurst-Southern Pines MLS as of 6/30/08.

Recent statistics for pending home sales as published in Realtor Magazine Online.

Daily Real Estate News  |  August 1, 2007

Pending Home Sales See Biggest Gain in 3 Years
The market is likely to stabilize in the months ahead, according to the NATIONAL ASSOCIATION OF REALTORS®’ forward-looking indicator on pending home sales.

The Pending Home Sales Index, based on contracts signed in June, was 5 percent higher from the downwardly revised May index of 97.5, but is still 8.6 percent below June 2006 when it stood at 112. The 5 percent monthly gain is the largest in more than three years, since a 6.1 percent increase was recorded in March 2004.

Lawrence Yun, NAR senior economist, says it’s encouraging that the increase occurred in all four major regions of the United States. “However, it is too early to say if home sales have already passed bottom,” he says. “Still, major declines in home sales are likely to have occurred already and further declines, if any, are likely to be modest given the accumulating pent-up demand.”

The index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed.

What Happened Regionally

Here’s a breakdown of what the PHSI showed across the country:

• West: the PHSI increased 8.6 percent in June to 103.6, but was 5.5 percent below a year ago.

• Northeast: the index rose 3.1 percent from May to 96, which is 2.4 percent lower than June 2006.

• South: the index increased 4.7 percent in June to 111.6, but was 12.7 percent below a year ago.

• Midwest: the PHSI rose 3.5 percent in June to 92.5, which is 8.2 percent lower than June 2006.

— REALTOR® Magazine Online

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