Sale of single family homes in the East on the rise

Not all housing markets in eastern NC are created equally

By: Arthur Mondale | WNCT-On Your Side
Published: October 22, 2009

Another sign our economy is headed in the right direction, especially in the east. Pitt County realtors say the sale of single family homes jumped by 28% compared to the same time last year.
But does that mean the housing industry is recovering? While lower interest rates and an $8,000 tax credit for first time home are good incentives for the housing market, after crunching the numbers across the east 9OYS found its different from county to county.
Bertha Pyne president of the Greenville-Pitt Association of Realtors says a number of factors lead to a 28% increase in the sale of single family homes in the county. The list includes a bank loan interest rate of 4.25%.
"It's an excellent market to buy in,” Pyne said. “This is the best interest rate you'll have for a long time. When the economy starts to pick up--those rates are going to go back up again."
But we're coming out of the recession slowly and not all markets are created equal. When you talk about the sale of all homes in Pitt County, that's down about 30% compared to last year.
Realtors for Craven, Pamlico and Jones counties say they had a drop of 24%.
Beaufort County home sales dropped 21%.
However, on a high note, homes are on the market for fewer days across the board.
But Pyne adds foreclosures continue, “There's always foreclosures. Somebody's always not paying their bills."
Realtors tell 9OYS home values in North Carolina have not dropped as much as other states. The price of the average home up for sale dropped only about 8%.