Industry News

East Coast real estate sales: Gloomy

More markets post sales, price declines in July

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

The real estate slowdown along the East Coast worsened in July, as sales activity plummeted and prices were either declining or stifled in Florida, Massachusetts, Virginia and North Carolina, according to statistics provided by Realtor associations in those states. In North Carolina, sales dipped 2 percent in July compared to a year ago, marking the first year-over-year drop in sales activity in several years, the North Carolina Association of Realtors announced. Existing-home sales in North Carolina totaled 13,652 last month, down from 13,977 posted in July 2005, NCAR reported. The average existing-home sales price gained 4 percent during the period, rising from $213,136 to $221,147. In Florida, sales last month dropped significantly from a year earlier -- for the eighth straight month -- as prices barely eked out annual gains, according to the Florida Association of Realtors. A total of 14,451 existing single-family homes sold statewide last month, a decrease of 33 perce...