Local Home Sales Slip in July, Rebound Expected - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Local Home Sales Slip in July, Rebound Expected

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BERLIN, Md. (WBOC)- According to the latest figures from the Coastal Association of Realtors, settlements dipped in July across the Tri-County area, but an increase in contracts or pending home sales points to a rebound in the coming months.

The association says in comparison to July 2013, Wicomico County’s single-family home settlements increased by 25.6 percent last month. However, the county’s condominium settlements decreased by 37.5 percent. Worcester and Somerset counties saw an across-the-board decline in single-family home and condominium settlements. While the pending sales of condominiums appear to be down, contracts for single-family homes are actually up in all three counties.

According to the National Association of Realtors, there was a national modest decrease in contract signings throughout Junee. NAR’s figures for July have not been released.

Despite the modest decrease in June, NAR’s chief economist Lawrence Yun said he expects a slight increase in sales during the second half of the year.

“The good news is that price appreciation has decreased to its slowest pace since March 2012 behind much needed increases in inventory,” Yun said. With rents raising four percent annually, potential buyers are less likely to experience sticker shock and can make smart decisions on whether or not it makes sense to buy or continue renting.”

Sheila Dodson, executive director of the Coastal Association of Realtors says the lower shore can expect the same sort of increase.

“The encouraging increase in contracts shows there’s a light at the end of the tunnel,” Dodson said. “More people are leaning on local realtors to help them find their family homes and we’ll likely see better numbers in the coming months as those contracts go to settlement.”
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