Home sales remained on the rise in July, with a 12 percent increase over the same month last year in the number of units sold, according to statistics released Thursday.
"Mortgage rates are still incredibly affordable and lenders are making things happen for many buyers," said Don Harris, president of the Wilmington Regional Association of Realtors, in a news release.
The median price compared to last July dropped about 3 percent, from $220,000 to $213,500, according to the numbers provided by WRAR. The statistics are from the N.C. Regional MLS and cover home sales in New Hanover, Pender and northern Brunswick counties.
In the release, Harris also said that from January to July this year compared to the same period in 2015, the number of units sold in the region is up more than 18 percent, with median prices increasing by 2 percent and Days on Market down more than 13 percent.
One statistic to note, the release said, is the number of new listings that came onto the market during July -- 900 new single family homes.
"We haven’t seen this number drop below 901 in the month of July since 2012," the release said. "This trend is reflective of the national housing market’s shrinking inventory in specific price ranges."
Lawrence Yun, chief economist for the National Association of Realtors, has said a faster pace of home sales amidst languishing inventory levels pushed home prices higher in most metro areas during the second quarter.
“Steadily improving local job markets and mortgage rates teetering close to all-time lows brought buyers out in force in many large and middle-tier cities,” Yun was quoted as saying in WRAR's news release.
According to the release, the median sales price in the South rose 5.9 percent in the second quarter from the previous year.
||% Change Jan-July
|Total Units Sold
|Avg. Sales Price
|Median Sales Price
|Days on Market