27 Jun Wrapping up June With a Hot Real Estate Market
Nationwide, home sales are at their highest rate since 2007. A new age-restricted community is being built in Lancaster County and two new communities are opening in the Wilmington area. Here are a few stories we have our eye on this week:
Home sales are at highest rate since 2007
The National Association of Realtors reported that sales of existing homes rose 1.8% in May 2016, to a seasonally adjusted annual rate of 5.53 million. This is the highest level of sales since February 2007. Ralph McLaughlin, chief economist at Trulia, commented:
“May’s existing home sales numbers suggest that healthy demand continues to support a recovering housing market, but that inventory woes are preventing a full recovery to pre-recession levels.”
Homes sold in May stayed on the market on average 32 days, which is the fastest pace ever measured since tracking began in 2011.
New age-restricted community underway in Lancaster County
A new age-restricted community is being built in Lancaster County. Tree Tops, built by Lennar Corp., is an 800-home community for those 55 and older. Currently, 29 homes are under construction and home closings will begin in August. The neighborhood will feature a 1.3-mile walkway around a 10-acre lake, as well as an amphitheater and clubhouse.
Two new communities are opening in the Wilmington area
Raleigh-based builder Robuck Homes is bringing two new communities to the Wilmington area. Melton Oaks will be a 20-home community located off Masonboro Loop Road. The neighborhood will feature large sidewalks and oversized porches, with homes priced at $280,000 to $360,000. Laurenbridge will be a 34-home community located off Woods Edge Road. Both neighborhoods will allow homebuyers to choose from six different floor plans with custom exteriors.
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Advertorial. “Robuck Homes Opens Two New Communities in Wilmington”. Web Blog Post. Charlotte Business Journal. 25 Jun 2016. Web. 27 Jun 2016.
Boak, J. “US homes sell at strongest pace since 2007”. Web Blog Post. Charlotte Observer. 22 Jun 2016. Web. 27 Jun 2016.
Elkins, K. “Lennar exec: Tree Tops off to a strong sales start in Lancaster County”. Web Blog Post. Charlotte Business Journal. 20 Jun 2016. Web. 27 Jun 2016.