As the historic residential “spring market” comes to a close and we enter the transition period following the expiration of the tax credits, I am often asked questions such as, “where does the real estate market stand?” and “what is next in the recovery plan?”
Let’s look at the first half of 2010 to understand what we can expect moving forward.
Overall, the trends have been very favorable in 2010. I can best illustrate what is happening by examining one of our regions. In May, 2,537 homes were sold and the average closing price was $212,454. This was the largest number of closings and the second highest average sales price in the past 12 months. This is indeed good news and is reflective of most of the Carolinas.