Realtors say existing home sales rose in July

WASHINGTON (AP) — Sales of existing homes rose 3.1 percent in July, surpassing expectations, as buyers snapped up deeply discounted properties in parts of the country hit hardest by the housing bust.

However, the number of unsold properties hit an all-time high, the latest indication that the worst housing slump in decades is far from over. Prices nationwide are not expected to hit bottom until early next year.

The National Association of Realtors reported Monday that sales rose to a seasonally adjusted annual rate of 5 million units, down from June’s downwardly revised rate of 4.85 million units. Sales had been expected to rise by only 1.6 percent, according to economists surveyed by Thomson/IFR.

‘‘The process of a recovery has begun,’’ said Joel Naroff, president of Naroff Economic Advisors. ‘‘It’s not going to be short and swift, but it’s begun nonetheless.’’

Home sales were about 13 percent lower than a year ago and prices were down dramatically. The median price for a home sold in July dropped to $212,000, down by 7.1 percent from a year ago.

Despite the third monthly sales increase this year, the number of unsold single-family homes and condominiums rose to 4.67 million, the highest number since 1968, when the Realtors group started tracking the data.

That represented a 11.2-month supply at the July sales pace, matching the all-time high set in April.

Until the inventory level is reduced to more normal levels, analysts say, the housing slump is likely to persist. The inventory level is being driven higher by a massive wave of mortgage foreclosures.

Between 33 and 40 percent of sales activity is coming from foreclosures or other distressed properties, he estimated.

While buyers are pouncing on lower prices — especially in places like California, Florida and Nevada — sales are sluggish in formerly stable states like Texas.

‘‘People are responding to lower prices,’’ Yun said, but there is ‘‘too much uncertainty’’ about the housing market’s future to mark a definite bottom.

Source: Brookings Register August 25, 2008

Residential Lot for Sale | Brookings, SD

L2, B6 Moriarty Edgebrook Augusta Circle, Brookings, SD 57006
List #08-439

Brookings, SD Real Estate for Sale
Residential Lot for Sale in Brookings, SD
List Price $43,900

Great opportunity to own a lot in this convenient location. This Cul-De-Sac, near Schools, Shopping, Parks and Golfing, is part of a Booming new development. This is one of two remaining lots tucked away in Augusta Circle. Don't wait long, call before they're gone!

General Property Description

Area: Residential

Lot Size: 18,000 Sq.Ft. (See Plat)

For more information on this or other properties, call Justin Fjeldos 605.691.1240 or email me at Justin@BrookingsHomes.com

This property is listed by Justin Fjeldos of Best Choice Real Estate, Brookings, SD.

Residential Lot for Sale | Brookings, SD

L3, B6 Moriarty Edgebrook Augusta Circle, Brookings, SD 57006

List #08-439

Brookings, SD Real Estate for Sale

Residential Lot for Sale in Brookings, SD

List Price $43,900

Great opportunity to own a lot in this convenient location. This Cul-De-Sac, near Schools, Shopping, Parks and Golfing, is part of a Booming new development. This is one of two remaining lots tucked away in Augusta Circle. Don't wait long, call before they're gone!

General Property Description
Area: Residential
Lot Size: 18,000 Sq.Ft. (See Plat)

For more information on this or other properties, call Justin Fjeldos 605.691.1240 or email me at Justin@BrookingsHomes.com

This property is listed by Justin Fjeldos of Best Choice Real Estate, Brookings, SD.

Residential Condominium for Sale | Brookings, SD

808 Christine Ave. Unit 305, Brookings, SD 57006
List #08-376

Brookings, SD Real Estate

Residential Condo for Sale in Brookings, SD

List Price $132,000

LIFE LESS COMPLICATED!!! Check out this single owner condo! Freshly painted, gorgeous view and swank top floor lifestyle. Say 'Goodbye' to yard work and snow removal while enjoying the many additional benefits of the Condo Association.

Descriptive Information
Area: Residential
Style: Condominium
Association Fee: $150/month
Year Built: 1990
Stories: 3
Total SqFt.: 1,350
SqFt ML: 1,350
Total Finished SqFt 1350
Taxes: 1,890.70
Tax Year 2007
Garage Type: Attached
Garage Stall: 2
Garage Remarks: w/additional storage
Total Bedrooms: 2
Total Bathrooms: 2
Total Full Baths: 1
Total 3/4 Baths: 1



For more information on this or other properties, call Justin's Cell (605) 691-1240 or email me at Justin@BrookingsHomes.com

This property is listed by Justin Fjeldos of Best Choice Real Estate, Brookings, SD.

Brookings Real Estate News | June 5, 2008

Residential Sales Take Off

Brookings area residential real estate sales strong in May 2008.

Sales were up by 10% this May compared to the same period in 2007. The Brookings area Multiple Listing Service (MLS) recorded $7.2 million dollars in sales for May 2008 as compared to $6.5 million dollars in sales for May 2007.

Home values were on the rise as well. The average home price for May 2008 was $157,515. This is an increase of 13% over the average price of $139,754 for May of 2007.


Source East Central Board of Realtors MLS
Compiled by Justin Fjeldos

New Construction Spec Home for Sale - Brookings, SD

1720 Pinehurst Circle, Brookings, SD 57006

List #08-230

Brookings, SD Real Estate

Spec Home for Sale in Brookings, SD

List Price $319,900

EXPERIENCE LIVING, in this California modified open architecture design winner! Beautifully open, ranch floor plan features 6 bedrooms, 3 full baths, an enormous covered deck, and a huge lower level family room featuring built-ins and a fireplace. Hang out in this cozey space and watch your favorite team or movie, when you take advantage of the Flat Screen ready built-in above your fireplace.

Descriptive Information
Area: SpecHome
Style: Ranch
Lot Size: Irregular, see plat
Year Built: 2008
Stories: 1
Total SqFt.: 1,598
SqFt ML: 1,598
SqFt. LL: 1,598
SqFt LL Finish: 1,350
Total Finished SqFt: 2948 approximate
Garage Type: Attached
Garage Stall: 3 (Garage Remarks: 920sq.ft.)
Total Bedrooms: 6
Total Bathrooms: 3
Total Full Baths: 3

Directions
Tavel south on 22nd Ave. to 20th St. S., Turn west(right) and follow to Pinehurst Dr., Turn north(right) property located near the end of Pinehurst on west(left) side of the Cul-De-Sac.



For more information on this or other properties, call Justin's Cell (605) 691-1240 or email me at Justin@BrookingsHomes.com

This property is listed by Justin Fjeldos of Best Choice Real Estate, Brookings, SD.

New Construction Spec Home For Sale in Brookings, SD

1714 Pinehurst Circle, Brookings, SD 57006
List #08-230

Brookings, SD Real Estate

Spec Home for Sale in Brookings, SD

List Price $309,900

INSIDE OR OUTSIDE? You decide. This home has what you've been looking for. 3 bedrooms, 3 bathrooms, an (indoor/outdoor) natural gas fireplace, beautiful hardwood floors, an astonishing deck and a rustic 3 season sun porch. Go ahead, warm your toes by the fire or with the in-floor heat on your way to the jetted tub in the Master Suite.

Descriptive Information
Area: SpecHome
Style: Ranch
Lot Size: Irregular
Year Built: 2008
Stories: 1
SqFt ML: 1,670
SqFt. LL: 1,670
SqFt LL Finish: 970
Total Finished SqFt: 2640 Approximate
Garage Type: Attached
Garage Stall: 3 (Garage Remarks: 939 sq.ft.)
Total Bedrooms: 3
Total Bathrooms: 3 (Full Baths: 3)

For more information on this or other properties, call Justin's Cell (605) 691-1240 or email me at Justin@BrookingsHomes.com

This property is listed by Justin Fjeldos of Best Choice Real Estate, Brookings, SD.