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July 17, 2017

May 2017 Realizes 3rd Consecutive Month of Home Sales Decline

Pending home sales decline in May for 3rd straight month


Pending home sales in May continued to slump for the third consecutive month, according to the National Association of Realtors. None of the major regions saw an increase in contract activity last month. The ongoing supply shortages that are propping up home prices in many metro areas caused the continued decline.


The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 0.8 percent to 108.5 in May from a downwardly revised 109.4 in April. The index is now 1.7 percent below a year ago, which marks the second straight annual decline and the most recent since November and December of last year.


Lawrence Yun, NAR chief economist, says it’s clear the critically low inventory levels in much of the country somewhat sidetracked the housing market this spring. “Monthly closings have recently been oscillating back and forth, but this third consecutive decline in contract activity implies a possible topping off in sales,” he said. “Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.”


The persistent housing shortages seen in several markets are most severe, according to Yun, in the lower price ranges. That’s very apparent when looking at the percent change in closings in May compared to a year ago. Sales of homes under $100,000 last month were down 7.2 percent from last year and up only 2.0 percent for those between $100,000 and $250,000. In higher price brackets, sales expanded incrementally all the way up to massive increases of 26.0 percent for homes priced between $750,000 and $1 million and even more for those $1 million and up (29.1 percent).
Weaker financial and economic confidence could also be playing a role in the slowdown in contract activity. NAR’s quarterly Housing Opportunities and Market Experience (HOME) survey, released earlier this week, found that fewer renters think it’s a good time to buy a home, and respondents overall are less confident about the economy and their financial situation than earlier this year.


“The lack of listings in the affordable price range are creating lopsided conditions in many areas where investors and repeat buyers with larger down payments are making up a bulk of the sales activity,” said Yun. “Meanwhile, many prospective first-time buyers can’t catch a break. Prices are going up and there’s intense competition for the homes they’re financially able to purchase.”


Pending home sales in the South declined 1.2 percent to an index of 123.4 in May and are now 1.4 percent below last May. The index in the West subsided 1.3 percent in May to 98.6, and is now 4.5 percent below a year ago.

Posted in Real Estate Market
June 29, 2017

4th of July Parade Activities_2017

Happy Independence Day!

Below is a list of area activities for your long weekend enjoyment!

JULY 3rd - ROCK HILL: Red White and Boom

6pm - Children's ice cream eating contest

7pm - Rough Draft at Amphitheatre in Rock Hill

8pm - Cravin Melon at Amphitheatre in Rock Hill

10pm - Fireworks Display

 

JULY 4th

TEGA CAY:

9am Land Parade

11am Canoe Joust Windjammer Park

11am Boat Parade leaves Nivens Landing and arrives at Windjammer at 12:30

1pm - Carolina Show Ski Team Performance

3pm - Splish n Splash at Glennon Center

4:30-7:30-Tega Cay Lions Club Fish Fry

9:30pm FIREWORKS

 

FORT MILL:

4pm - Patriotic Service at First Baptist Church

5pm - Firing of the Cannons on Main Street

 

LAKE WYLIE:

9:45pm - Lake Wylie's Fourth on the Lake Fireworks Display

 

CHARLOTTE:

Baseball and Fireworks at the Charlotte Knights game

 

 

Posted in Communtity