Good News, Pending Home Sales Up...Again
Posted by Mike Ciucci on
Good news in a sluggish economy- Pending homes sales increase. A NAR (National Association of Realtors) Pending Home Sales index reported more pending homes sales in July than in June. The NAR index, making its sixth straight increase, showed an increase of 3.2% in July, the quickest climb since the group starting tracking the market 10 years ago. This was up 12% from July's '08 level. This reading has far exceeded forecasts of economists that were surveyed. The first-time homebuyers tax credit is cited as the major reason for this trend. The NAR index also shows that the West out-performed the Northeast and Midwest, jumping over 12% in July, and that the South also did well.
This increase was much better than the 1.5% increase economists were…
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U.S. Commerce Department officials said Monday that new home sales jumped 11 percent last month. That’s better than analysts expected, and this marks the highest increase in 9 years for new homes. Expectations for last month were to have 360,000 sales, but luckily expectations were surpassed with 384,000.
A long-term leader in the Charleston Real Estate market in residential sales, Carolina One is now on top for commercial sales as well. Closing 41 units since the beginning of 2008, Carolina One has now doubled its nearest competitor.
With all the talk about the economy, the weakening dollar, and home values plummeting, you’d think the sky is falling. Never mind that our local real estate market here in Charleston is on the rise! Home sales are up for existing homes, as well as new construction in Charleston. Market activity has increased. Sales have increased. I have been very busy lately, and my entire office is excited. It’s infectious!