Keller Williams Crystal Coast
5113-A Hwy 70 Morehead City, NC 28557
Toll Free 877-240-0259 Local 252-240-0259 Fax 252-499-2525
Existing-Home Sales Nationwide
Existing-home sales subsided for the fourth straight month in July to their slowest pace in over two years. Industry leaders are predicting a SHIFT in the market. It is not expected to be as severe as the 2007-2008 real estate market crash, but will cause income loss to Realtors, We are already beginning to see this happen.
The median existing-home price2 for all housing types in July was $269,600, up 4.5 percent from July 2017 ($258,100). July home sales were 5.34 Million. Inventory is 4.3 months.
Existing-Home Sales Our Region
Sales up 7.2% YTD vs 2017 YTD. Average sales price $228,281 vs $219,514 up 3.97%. July home sales were 2365. Inventory is 4.44 months.
Existing-Home Sales Carteret County
Sales up 4.8$ YTD vs 2017 YTD. Average sales price $294,081 vs $291,805 up 0.78%.
July home sales were 173 vs 142 July 2017 up 4.8%. Inventory is 7.24 months vs 9.28 in 2017 for 22% reduction and is continuing to drop in August. We are probably going to be below 6 months at end of August which puts us clearly in a Sellers Market. We are already having homes go under contract the day they hit the MLS, many with multiple offers.
Morehead City Sales up 8.7%. Average sales price $238,376 vs $220,818 up 7.95%. Inventory 4.91 Months (definitely a seller’s market in Morehead City.