June’s homes prices in the Charlotte NC area slowly moving upward along with 18 other cities out of 20 across the country. This time last year, all 20 markets remained down. The housing market is still in negative territory compared to last year’s figures. The Charlotte NC market is down less than 10 percent for year to date sales. This is a third month gain out of four months with more evidence of price stabilizing in Charlotte NC and national real estate markets, where we find the increase is comparing May to June sales. For more information about the Charlotte area www.PinevilleHomes.com

Charlotte area home sales had their brightest performance last month in almost two years, although record foreclosure activity could stall the still weak market, which means more pressure on prices because of supply and demand. Charlotte average sale price down only 7.7 percent with the average value $212,997. One-fifth of the single-family homes sold this year in Charlotte of Mecklenburg County have been in foreclosure. The foreclosure sellers are not re-buying; in a normal market, we have only 1 percent of foreclosure now we are climbing at record levels over 3 percent. The foreclosure seller breaks the chain of re-buying where another seller becomes a buyer. The $8000.00 tax credit is helping but ends November 30. Higher inventory in the winter months will cause values to fall more. http://bit.ly/1Ce9u0

Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6% to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7% above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003. This is a good begining of the recovering real estate market.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. "Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who've been on the sidelines. Activity has been consistently much stronger for lower priced homes," he said. "Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30."
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