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Existing home sales and building permits in May higher than April levels <br />Data from the NC Association of Realtors show a 10.1 percent increase in existing home sales between April <br />and May. An increase in existing home sales is a good sign for a housing market clearing out excess inventory. <br />Housing authorizations increased slightly last month, 2.7 percent higher than April. Housing authorizations <br />were 7.2 percent lower than the same month last year. Foreclosure filings were lower in May than the month <br />before and 38.3 percent lower than the same month a year ago. <br />RealtyTrac; N.C. Assoc. of Realtors, Existing Homes Sales Data; U.S. Census, Table 2 -New Privately Owned Housing Units Authorized <br />Existing home sales remain below pre- recessionary levels <br />North Carolina <br />fared better than North Carolina Existing Home Sales <br />many other Jan. 2008 - May 2011 <br />states during the ■ 2008 ■ 2 009 2010 2011 <br />last recession 12,000 <br />with respect to <br />housing. The 10,000 <br />chart on the right <br />shows monthly <br />N 8,000 <br />existing housing a, <br />sales since E <br />January 2008. <br />= 6,000 <br />Due to the - <br />cyclical nature of o 4,000 <br />the industry, the 2 <br />chart presents 2,000 <br />the data for each <br />month with a 0 <br />different color <br />corresponding to Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec <br />one of four years. source: NCAssociotionofReoltors <br />Housing sales <br />tend to peak in the early summer, between May and July each year. They also see a small rise in December as <br />families close sales in order to claim tax benefits for the calendar year. The chart shows existing housing sales <br />did not start declining in North Carolina until after July 2008. Housing sales were at their lowest from <br />November 2008 to February 2009. In February 2009 the Home Buyer Tax Credit was expanded and helped <br />temporarily boost housing sales. This effect continued throughout 2010 when the tax credit expansion was <br />extended in July. Home sales in early 2011 kept pace with 2010 in January and February but have fallen <br />behind in the last two months. While sales in 2011 are above their 2009 levels they are still more than 18 <br />percent lower than sales in 2008 for each month of 2011. <br />Policy, Research & Strategic Planning; June Mjctir ?jptnber 1 <br />1 -1 Page 576 <br />North Carolina <br />Housing Market Statistics <br />Previous Month <br />Last Year -Same Month <br />Apr -11 <br />May -11 <br />(5/11 compared to 4/11) <br />(5/11 compared to 5/10) <br />12 Month Average <br />(revised) <br />(Preliminary) <br />Change I %Change <br />Change I %Change <br />(Beg.of6 /10- Endof5 /11) <br />Properties with Foreclosure Filings <br />2,784 <br />2,689 <br />(95) <br />-3.4% <br />(1,668) <br />-38.3% <br />3,698 <br />Existing Homes - Units Sold <br />6,926 <br />7,627 <br />701 <br />10.1% <br />(1,488) <br />-16.3% <br />6,462 <br />Housing Units Auth. by Bldg. Permit <br />1 2,1361 <br />2,1931 <br />57 <br />2.7% <br />(171) <br />-7.2%1 <br />1,953 <br />RealtyTrac; N.C. Assoc. of Realtors, Existing Homes Sales Data; U.S. Census, Table 2 -New Privately Owned Housing Units Authorized <br />Existing home sales remain below pre- recessionary levels <br />North Carolina <br />fared better than North Carolina Existing Home Sales <br />many other Jan. 2008 - May 2011 <br />states during the ■ 2008 ■ 2 009 2010 2011 <br />last recession 12,000 <br />with respect to <br />housing. The 10,000 <br />chart on the right <br />shows monthly <br />N 8,000 <br />existing housing a, <br />sales since E <br />January 2008. <br />= 6,000 <br />Due to the - <br />cyclical nature of o 4,000 <br />the industry, the 2 <br />chart presents 2,000 <br />the data for each <br />month with a 0 <br />different color <br />corresponding to Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec <br />one of four years. source: NCAssociotionofReoltors <br />Housing sales <br />tend to peak in the early summer, between May and July each year. They also see a small rise in December as <br />families close sales in order to claim tax benefits for the calendar year. The chart shows existing housing sales <br />did not start declining in North Carolina until after July 2008. Housing sales were at their lowest from <br />November 2008 to February 2009. In February 2009 the Home Buyer Tax Credit was expanded and helped <br />temporarily boost housing sales. This effect continued throughout 2010 when the tax credit expansion was <br />extended in July. Home sales in early 2011 kept pace with 2010 in January and February but have fallen <br />behind in the last two months. While sales in 2011 are above their 2009 levels they are still more than 18 <br />percent lower than sales in 2008 for each month of 2011. <br />Policy, Research & Strategic Planning; June Mjctir ?jptnber 1 <br />1 -1 Page 576 <br />