SOUTHEASTERN N.C. –– Last month was the first time this year the market showed signs of cooling off, after an unruly pandemic-induced hot streak.

The tri-county market experienced decreasing figures in key categories that indicate both buying and selling activity. New listings dipped 5.5% in July compared to July 2020; pending sales fell 16%; closed sales slumped 20%, with 315 fewer closings.

RELATED: Residential real estate inventory hits record low in a frenzied sellers’ market

Despite the relaxed activity, sales prices are still climbing. Single-family homes are up nearly 14% from the year prior, at $364,366; townhouses and condos are up 16% year-over-year to $270,000.

The largest gain is in costlier properties over $450,000. These homes are up an enormous 74% since last year.

Inventory is in incredibly short supply. Levels are down 57% from last year but raised ever so slightly between June and July from 0.8…

Read more…

Share.

Comments are closed.