The Road to Recovery – Housing Market on the Mend

With the approach of the end-of-summer selling season, the real estate market once again took center stage. Only this time, the news being reported was decidedly more optimistic. According to the National Association of Realtors (NAR), July sales of existing homes reached their highest level in two years, fueling hopes that the end of the housing slump might indeed be in sight.

“The housing market has turned for the better,” NAR chief economist Lawrence Yun said in a statement. Existing home prices rose 7.2% in July, climbing for the fourth consecutive month. Although sales were down slightly in the West, they increased by 13% in the Northeast, 11% in the Midwest, and 7% in the South. These numbers from the NAR far exceeded the expectations of analysts.

In addition, a government report on new home sales also showed an increase of nearly10% in July, their highest level in almost a year. At the end of July, yet another report surfaced signaling that housing inventory was declining and the market may be stabilizing. The seasonally adjusted estimate of new housing inventory for sale was at its lowest level since April 2007.

The following month brought more good news. In August, the Case/Shiller National Home Price Index reported that the average home price jumped to $237,400—the highest in 11 months, and the first quarterly increase in three years.

The encouraging news from the housing market helped boost consumer confidence to its highest level in two years. The Conference Board Consumer Confidence Index was 54.1 in August, up from 47.4 in July. Consumer expectations rose from 63.4 in July to 73.5 in August, showing that consumer outlook is more positive about the next six months than it has been since the recession began.

July and August also proved to be productive months for us here at home. The Kiawah market remains healthy and we are looking forward to even more sales in the coming months as our typically strong fall market approaches. Below are some recently sold Kiawah Island Real Estate property listings.
 

Homes
186 Marsh Island Drive
2B Eugenia Avenue
3 Angler Hall
383 Green Winged Teal
601 Piping Plover Lane
68 Fletcher Hall
759 Glossy Ibis Lane
8 Trumpet Creeper Lane
95 Goldeneye Drive
6 Falcon Point Road
412 Ocean Oaks Court

Homesites
7 Summer Islands Lane
28 Green Meadow Lane
5556 Cypress Cottage Lane
5561 Cypress Cottage Lane
5555 Cypress Cottage Lane
44 LeMoyne Lane
336 Moon Tide Lane  

Cottages/Villas
3535 Shipwatch Road
4749 Tennis Club Lane
4152 Bank Swallow Lane
38 Sunlet Bend
4847 Green Dolphin Way
6019 Green Dolphin Way
4408 Sea Forest Drive
6022 Green Dolphin Way
4115 Summer Duck Way
4154 Bank Swallow Lane
6023 Green Dolphin Way
4723 Tennis Club Lane