Statistically, between 6/1/10 & 7/1/10, Wilmington NC realty counties (New Hanover, Brunswick, & Pender) are still getting better in the housing market. Single family homes are up over 15%. The average sales price is $254,018 out of 475 single family homes sold. That is up 5.8% from last month. Keep in mind that most of these are late closings from the government tax credit, but good news is still good news.
The fear among those in the housing industry, is that the job market is not getting better. The average unemployment rate for the Wilmington, NC realty area is 10.03%. the lowest of these three counties is New Hanover, at 9.2%. According to some CNN reports, “this is due, in part, to business owners hording the cash they have accumulated because they are afraid there will be another economic downturn”.
The government is considering another stimulus program. It is not yet known what they will propose, but lets hope it will stimulate business owner confidence.
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