Despite record low mortgage rates, housing sales and builder confidence are pausing.
A separate report Thursday from the National Association of Realtors said sales of existing homes fell 5.1 percent in June, the second straight monthly decline.
Another report earlier this week from the National Association of Home Builders said its gauge of home-builder confidence fell to the lowest level since August 2009.
As previously reported, the Charlotte Regional Realtor Association said the number of home closings in the Charlotte area dropped in June from May, though they increased from June 2009. Pending sales also decreased.
The association said local June closings totaled 2,324, a drop of 8.4 percent from May’s total of 2,537. Last month’s total was 14.8 percent greater than the 2,024 homes sold in June 2009.
The average sales price last month for homes sold in the Charlotte area was $215,559. That’s down 1.4 percent from June 2009’s average sales price of $218,728. The average sales price in May was $212,454.
The local association said pending contracts in June totaled 1,880, down 13.2 percent from a year earlier and down 8.7 percent from May.
Read more: Mortgage rates fall to new lows - Charlotte Business Journal
This entire week, I have been posting information from a variety of sources outlining the current state of affairs for the real estate industry. Tomorrow, I will post my thoughts on what it all means to me.
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