Home sales might have fallen in February, but upward revisions to January’s month’s pace and the first yearly increase in prices in 15 months pointed to steady improvement in the housing market.
Existing home sales fell less than 1% percent in February from January but still notched their second highest level since May 2010, the National Association of Realtors reported.
“We are starting to improve slowly. There is some encouraging news, but the dramatic things that need to happen to really turn the market around aren’t there,” said Mitchell Hochberg, Principal at Madden Real Estate Ventures in New York.
Real Estate in Pawleys Island
is also starting to pick up. Our office at Select Homes and Services is seeing many more closings each month. Last month distressed properties (foreclosures and short sales) which typically occur at deep discounts, made up 1/3 of overall sales last month.
Investors bought 23% of homes sold last month, with first-time buyers accounting for about a third of the real estate transactions. So, it’s time to get off the fence before the interests rates begin to soar again and the pricing of homes start to increase. Could we be possibly be entering a seller’s market? It’s not likely that it will happen anytime soon, but past real estate trends show that it is a really a likely possibility!
So, if you are looking buy or wanting to sell real estate in Pawleys Island, please be sure to give the Pawleys Gal a call!
Melissa Dunn
Pawleys Island Homes for Sale
