According to the National Association of Realtors, the inventory of existing homes available for sale has never been lower in the 35-year history since tracking began.
Nationwide, that number is approximately 1.5 million homes, as compared to 2008, when nearly 3.5 million homes were available for sale.
As of January, home prices appreciated year over year for the 69th consecutive month. Since the real estate market crash (which bottomed-out in February 2012), homes prices have appreciated 47 percent, surpassing the pre-crisis peak by approximately six percent.
Activity is up in both the sale of existing homes and new homes. However, pending homes sales are down nearly four percent year over year, due in part to challenges in inventory and decreasing affordability as interest rates start to climb.
New home completions have been climbing as have building permits as the market attempts to keep up with demand. Overall, with a five-month supply of inventory, it is indeed a seller’s market.
Q&A: Veteran Starts Her Own Real Estate Firm
Cece Nunn
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Jan 15, 2021
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Some Area Golf Greens See More Green During COVID-19
Jenny Callison
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Jan 14, 2021
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Historic Wilmington Foundation Names Next Executive Director
Christina Haley O'Neal
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Jan 15, 2021
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Additional Apartments Planned Off South 17th Street
Cece Nunn
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Jan 15, 2021
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With More Than $2B In Sales, Brunswick County Real Estate Market Sets Record
Staff Reports
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Jan 15, 2021
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Several of the region’s economic development groups and organizations that are economic drivers check in with a recap of what happened in th...
Residential and commercial real estate in the Wilmington area is expected to thrive in certain areas and struggle in others this year....
The construction and IT sectors are the focus of new collaboratives forming this year to address the area’s workforce development needs....
The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.