May26

Home Sales Nationally Increased

on May 26th, 2007 at 1:30 pm
Posted In: Isle of Palms, Isle of Palms Real Estate Market Update, Sullivan's Island Real Estate Market Update

According to the Wall Street Journal‘s article by Jeff Bater, new home sales increased 16 percent in April. This is the largest increase in 14 years. However, the prices of the new homes declined. But, this does show that the inventory is slowly dwindling off the shelf and does look very promising for the real estate market.

In addition, the article indicated that the sales of single family homes (not brand new) increased. This is the first time in four months that this has occurred.

Why do you think there was an increase in buying? Well, it could be because sellers are dropping the prices of their homes. The average price of a single family home dropped to $299,100. In March the statistic was $324,700 and in April of 2006 it was $310,300.

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http://www.realestatejournal.com/buysell/markettrends/20070524-bater.html?refresh=on