As summer starts to fade away and the kids go back to school, the numbers are in. The second quarter saw the market improve and show increasing prices. The foreclosure market has slowed to reflect numbers that we haven’t seen in seven or eight years. The inventory of resale homes for sale on the Outer Banks is low. The new construction numbers are steady. I could discuss this topic, new construction for hours. We will do that another day.
With these changes in the market, prices have started to rise. The National Data shows the Mid Atlantic states are up 8.7% in the second quarter. The numbers for the Outer Banks are a little less. They are at 5% increase year to date and up just a little more than 2% for the quarter. That reflects the dip in sales due to rental season. Again another topic we could take a day to explain. Overall the are on a slow increase both in number of Sales and median sold price. This will be interesting to see has the interest rates threaten to increase.
Have a great weekend!