In housing news, Housing Starts and Building Permits both came in a bit below expectations, but this may be a sign that builders are exercising some caution - particularly in the face of the $8,000 tax credit for first time homebuyers that is presently set to expire on November 30th. Existing Home Sales came in better than expected - and a whopping 45% of those homes were sold to first time homebuyers - rushing to move in on that credit. Recent studies have shown that many who qualify for this tax credit aren't even aware of it...so please let me know if you or someone you know needs more information - the clock is ticking!
Additionally, the level of existing homes inventory shrunk to a 7.8 month supply, down from a recent high of 10.1 months in April.
Pinehurst/Southern Pines Area
Local area agents have reported a tremendous increase in showings and in sales over the past 2 weeks. Both horse farm and residential buyers have re-surfaced in the upper end price range. Properties listed below $250,000 have been in the most productive range in the recent past, however, properties above this price range are now seeing increased activity.
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