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July Home Sales Update

August 4th, 2011

July closed with 1,266 home sales, the most home sales  since June 2010 and 9% higher than July 2010! 

Average home sales prices for the month were $125,175 just slightly down from June.  

Bank sales were up 1% from July 2010 with 329 total. This is the first month this year that we’ve seen an increase in year-over-year bank sales activity.

New home sales continue to struggle. Only 62 new home sales were recorded for the month, down 22% from June and down 40% from July 2010. The average sales price for new homes was $215,807, virtually unchanged from June. 

Foreclosures were down 26% from last year and down 9% from June with 332 recorded and an average foreclosure amount of $82,204. 

Foreclosure activity was highest in Raleigh (38128), Oakhaven/Parkway Village (38118) and Hickory Hill South (38141). Frayser’s foreclosures were down 60% from the prior year with only 19 recorded for the month. 

718 foreclosure notices were issued in July, down 17% from the July 2010. 

56% of all home sales were sold for under $100,000.   

Click here to view our July 2011 Residential Market Trend reports. 

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