Existing Home Sales Jump

The month of September was a good month for Outer Banks real estate and it appears rather good for the rest of the country.  In some good news this week, the rate of existing home sales rose in its largest monthly increase since July 2003.  This is definitely some promising news.  The over 5% increase from August could be an indicator of the market turning in the right direction. As minimum it is an indicator that at current prices many homes are a becomming a bargain.  For many who were kept out during the housing boom, now is becoming the chance to pick up the home they wanted for a reasonable price.

Some negative news did come out late this week.  The prices paid for those homes in September fell by 9% from September a year ago.  This is not necessarily bad news, as the falling prices of homes are making them more affordable.  It appears we are definitely beginning to see a slower decline in prices and more buyers coming out and taking advantage of some really great buys.  For those interested in vacation homes the declining prices make the homes more valuable as the amount of rental income has definitely been on the increase, even in this economy.  As of September, tourism in the Outer Banks was up 3.9%.  Much of that coming from increased occupancy of rental homes and restaurant receipts have been down for the year.

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