Area home sales fell 29% in June
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The nationwide real estate slowdown is hitting home in the Charlotte area and across North Carolina, according to new data from the N.C. Association of Realtors. The association on Wednesday reported sales of existing homes in June fell 29 percent from a year earlier. Average sales prices fell as well.
A total of 2,734 homes were sold last month in the Charlotte area, down from 3,852 in June 2007. Sales were also down from May 2008 by about 1.6 percent.
The average sale price was $233,670, down 6 percent from a year earlier.
The Charlotte-area results mirrored those statewide, where total existing home sales fell 27% from June 2007 to June 2008. But sales were up statewide compared to May, thanks in part to growth in sales in the Triad area.
The association said it compiles data from multiple listing services and local associations.
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N.C. Association of Realtors market reports, CLICK HERE>
Filed under: Davidson general news
This says to me that developers built too many homes for a market that didn’t need them. And banks lent money to the developers, because they didn’t do their homework either– or maybe they did and were happy to take their percentage up front, then quietly exit stage left.
This is how capitalism works. The bankers and brokers who set up these deals are riding their big fat golden parachutes, while the people who trusted them by investing their hard-earned pension funds are wondering how they’ll make ends meet, now that they’ve lost 30%+.
One commentator likened this financial debacle to the world’s biggest criminal enterprise ever, involving the federal government, developers, brokers of all stripes, and financial institutions. But don’t wait for any of them to go to jail. Those cells are reserved for people caught with an ounce of cocaine.
Nationwide figures are out as of Thursday, July 24: Existing home sales were down 2.6 percent across the country in June, compared to May.
The National Association of Realtors also reported that the national median price for existing homes was $215,100 in June, down 6.1 percent from a year ago, when the median was $229,000.