Industry News

North Carolina real estate sales pick up

Coastal markets begin to stabilize in May

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Existing-home sales in North Carolina gained 4 percent in May from a year ago, and increased significantly from April's slowdown, the North Carolina Association of Realtors reported. According to statistics compiled by NCAR, 13,308 residential units were sold in May, up from 12,778 a year ago and up 15 percent from 11,569 units sold in April. The average existing-home sales price climbed 3 percent in May to $216,343, up from $209,962 reported in May 2005. Unlike 2005, however, which saw mountain and coastal regions leading the state in positive growth, many previously hot coastal areas are cooling down in both unit sales and prices. Coastal regions seeing a downturn in sales include the Outer Banks (down 54 percent) and Brunswick County (down 60 percent). The average existing-home price in the Outer Banks, for example, fell 16 percent in May to $520,915, down from $618,381 a year ago, according to statistics. More than 54,400 units have been sold on a year-to-date basis, which is an i...