Home | Contact Us | News and Press | Site Map | Links | Directions | Scenes of Lake Norman
LKN Realty Group - Lake Norman Real Estate

May Existing-Home Sales Continue
Rising Trend

Washington, June 23, 2009

Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the National Association of Realtors®. May’s increase was the first back-to-back monthly gain since September 2005.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate1 of 4.77 million units in May from a downwardly revised level of 4.66 million units in April, but remained 3.6 percent below the 4.95 million-unit pace in May 2008.

Lawrence Yun, NAR chief economist, expected an improvement. “Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates,” he said. “First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory. However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 4.86 percent in May from a record low 4.81 percent in April; the rate was 6.04 percent in May 2008. Last week, Freddie Mac reported the 30-year fixed at 5.38 percent; data collection began in 1971.

Total housing inventory at the end of May fell 3.5 percent to 3.80 million existing homes available for sale, which represents a 9.6-month supply2 at the current sales pace, down from a 10.1-month supply in April.  

LKN Read More More of This Article

To learn more about the real estate market in Lake Norman or Charlotte area, please call one of our Property Specialist at 704.655.2828.

      Scenes Of Lake Norman





It's Easy Beng Green....

...if you have the cooling effect of parks as part of your community. We've got a gorgeous Arts and Crafts style ranch for sale not only across from a park, but with all kinds of lovely amenities like pool and clubhouse as part of the community. Close to CATS transportation (the most elegant bus to Charlotte you can imagine commuting on), close to Birkdale Country Club and all the wonderful shops & restaurants in Birkdale Village, close to Lake Norman, and close to the best schools in the region! Asking price $245,000.

Frazier Read More View Blog


To Begin Your Search
For Properties

Click Here
Free Area Info

Receive area info from LKN Realty Group. Please click below to provide LKN Realty Group with information and receive a free area map!                    Click Here


Get a Loan!

Get Pre-Qualified for a loan!
www.loans-nc.com

Featured Home

LKN Promo Image Lake Norman Real Estate - Waterfront Featured Home
Come live on the quiet shores of Northern Lake Norman.  Nestled on a private, wooded lot of the Windemere subdivision, this home boasts plen
LKN Read More Read More

Cornelius European-Style Village

Bluff Point Cornelius Bluff Point
Bluff Point is one of LKN's newest communities nestled on beautiful Lake Norman, the largest man-made lake in North Carolina. This secluded lakes
LKN Read More Read More

Relocation Information

LKN Promo Image Lake Norman Real Estate & Area Info
LKN Realty Group can provide you with all the information you need when moving to the Lake Norman area.  Our package includ
LKN Read More Read More