February 11, 2010

Housing market logging gains (Charlotte)

Charlotte area home sales, prices up again

Charlotte

By Stella M. Hopkins
shopkins@charlotteobserver.com

Posted: Wednesday, Feb. 10, 2010

The Charlotte-area housing market continued posting gains in January, with home prices and sales now showing several months of steady increases.

The average sales price last month was $200,592, up 6.1 percent from January 2009, according to results released Wednesday by the Charlotte Regional Realtor Association. That’s the third consecutive month with a gain and slightly stronger than the December increase, for transactions through the association’s Carolina Multiple Listing Services.

The number of houses, townhouses and condos sold last month rose 8 percent from a year ago during the deepest part of the slump. January marked the fourth month of sales gains and is particularly notable because it is typically a slow month.

The number of pending contracts – deals signed but not yet closed – was about the same as a year ago. However, pendings were up 25 percent from December, a sign of rising demand. Experts expect sales will strengthen through the spring, in part because of several hefty tax credits for deals signed by April 30.

Today’s Rates

30 Yr Fixed – 4.875%

30 Year FHA – 4.750%

15 Yr Fixed – 4.250%

30 Yr Fixed Jumbo – 5.625%

5/1 LIBOR ARM – 3.625%

7/1 LIBOR ARM – 4.125%

10/1 LIBOR ARM – 4.625%

If you know anyone that may be in a distressed situation with their home and faced with a potential foreclosure, have them contact me anytime (phone or email). We have a solution to help many homeowners.

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