4 Nov 2013

Carolinas’ Housing Recovery Marches On

In terms of the stock market, a long-term trend is categorized as one lasting a year or longer. Based on the first nine months of 2013, the housing recovery is clearly trending in the right direction.

“In September, we saw the third best month for home sales since 2009,” said Allen Tate President and COO Pat Riley in the November-December edition of Carolinas Market Update, a bi-monthly real estate video series produced by Allen Tate.

Only July and August 2013 were stronger sales months than September, said Riley. Allen Tate Company is averaging 45 listings per day, 68 sales per day and 57 closings per day – up 18 percent, 23 percent and 30 percent respectively over 2012. Year-to-date, Allen Tate has closed 16,758 homes, up from 12,758 at the same time last year.

Riley cites rising interest rates, in-migration to the Carolinas, job creation and the reduction of household debt as contributing factors to the recovering economy. Household debt is at the lowest level since 1980.

New construction is also rebounding at a brisk page, with 52 metro markets in the United States at 85 percent of pre-recession pace.

“Nothing will make tomorrow better than today to make a move,” said Riley.  

Carolinas Market Update is targeted to consumers in the Charlotte, Triad, Research Triangle and Upstate S.C. regions. It is produced every other month by Allen Tate Company and features information, statistics, trends and predictions about the real estate market in North and South Carolina.

To access the latest Carolinas Market Update, go to the Allen Tate YouTube channel (www.youtube.com/theallentatecompany) or contact any Allen Tate Realtor®.

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