Housing Market Still Little Iffy…

Story By USA Today

The National Association of Realtors says sales of previously occupied homes fell 5.4% in June from May, to a seasonally adjusted annual rate of 4.37 million homes. That’s the lowest rate since October.

“It is only one month and the rest of the housing indicators have all continued to show improvement,” saidJennifer Lee, senior economist at BMO Capital Markets. “Let’s hope this June decline is a blip.”

Where as  here in CHARLESTON, SC—(July 10, 2012) Home sales in the Charleston region maintained their consistent and steady pattern in June, with continued growth in sales volume and ongoing stability in pricing. 1,033 homes sold at a median price of $200,000 in June according to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR). Last month, adjusted figures show 1,002 homes sold at the same median price.

National real estate sales are up 4.5% from a year ago, evidence that the market is recovering. But the annual sales pace is well below the 6 million that economists consider healthy.

First-time buyers, critical to a housing recovery, made up just 32% of sales. That’s down from 34% in May. In healthy markets, first-time buyers make up more than 40% of the market.

The national median existing-home price for all housing types was $189,400 in June, up 7.9% from a year ago, according to the NAR.

Here in Charleston SC – Inventory declined again, with 6,277 homes listed as actively for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of July 10, 2012.

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