Home sales in North Carolina during July posted strong growth from a year ago, while sales slowed across Virginia and Massachusetts, according to Realtor associations in those states.
In North Carolina, existing-home sales jumped 12 percent from a year ago, with Realtors reporting 13,674 closed transactions last month, compared with 12,263 in July 2004, according to the North Carolina Association of Realtors.
The average existing-home sales price in North Carolina was up 6 percent to $212,600, compared with $200,314 in July 2004.
More than 74,600 units have been sold on a year-to-date basis, an increase of 15 percent from year-to-date sales posted during the first seven months of 2004. The average sales price increased 7 percent over the same time period to $205,676.
All regions of the state continue to post positive growth, with Brunswick County (65 percent) and Goldsboro (60 percent) posting the strongest year-to-date increase in total sales dollars. The strongest price appreciation on a year-to-date basis was along the coast where the average sales price increased 22 percent in Wilmington and 18 percent in Brunswick County.
In Virginia, home sales slipped 0.4 percent in July from their year-ago level, according to the Virginia Association of Realtors. Realtors reported 14,077 sales last month, compared with 14,139 in July 2004.
Areas showing the greatest increases were Charlottesville, the Eastern Shore, Lexington/Buena Vista, New River Valley, and Northern Neck.
Virginia’s year-to-date home sales continue to exceed last year’s numbers, with 81,379 transactions closed so far this year, 5.5 percent ahead of last year’s 77,142, the association reported.
“In areas where sales are off – particularly the Northern Virginia, Dulles Area, and Prince William areas – we continue to see an inventory shortage,” said VAR President Tom Jewell. “There simply aren’t enough homes on the market to fill the demand in this area of the state.”
Virginia’s median existing-home price for July was $200,125, up 19.5 percent compared with $167,500 for July 2004. The median is a typical market price where half of the homes sold for more and half sold for less.
In Massachusetts, sales of detached single-family homes totaled 5,328 last month, down 7.4 percent from 5,756 sales posted in July 2004, the Massachusetts Association of Realtors reported. Sales of condominiums were up 12.4 percent from a year ago, with Realtors reporting 2,395 closings in July compared with 2,131 in July 2004.
The median price of a single-family home in the Bay State last month was $375,000, up 7.1 percent from $350,000 a year ago. The median condo price rose 7.4 percent during the same period, from $268,000 in July 2004 to $287,900 in July 2005.
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