April 16, 2012 - Cabarrus County

Housing indicators continue to improve at the start of the yearHousing data for North Carolinaimproved in January 2012 comparedto January 2011. Existing home sales10000were higher in January compared to 9000last year, although sales levels8000continue to be below 2008 levels. As 7000the chart to the right indicates, yearover-yearcomparisons are a more600050004000important indicator of vitality for3000housing numbers due to heavy2000seasonal variations. Housing1000authorizations, an indicator of future0economic activity, were 20 percenthigher in January 2012 than JanuarySource: N.C. Association of Realtors, Existing Home Sales Data2011. Foreclosure activity is downthis month on a year-over-year basis, falling 16 percent from the levels seen a year ago.North Carolina Existing Home SalesJanuary 2008 to PresentNorth Carolina Housing Market StatisticsDec-11 Jan-12Previous Month(1/12 compared to 12/11)Last Year - Same Month(1/12 compared to 1/11)(revised) (Preliminary) Change % Change Change % ChangeProperties with Foreclosure Filings 2,736 2,541 (195) -7.1% (499) -16.4%Existing Homes - Units Sold 6,489 5,000 (1,489) -22.9% 250 5.3%Housing Units Auth. by Bldg. Permit 1,811 1,942 131 7.2% 328 20.3%RealtyTrac; N.C. Assoc. of Realtors, Existing Homes Sales Data; U.S. Census, Table 2-New Privately Owned Housing Units Authorized12 Month Average(Beg. of 2/11 - End of 1/12)2,6906,6992,04020082009201020112012Index falls to lowest level of 2011 behind declines in building permits and manufacturing hours and earningsThe NC State University Index of North Carolina Leading Economic Indicators (the “Index”), a forecast of theeconomy’s direction four to six month ahead, rose in January to its highest level in a year. All components ofthe Index improved except for a modest increase in new unemployment claims. The strongest gain was inbuilding permits, which have been volatile in recent months. The Index has now trended upward since last fall,suggesting that the State economy may be poised for acceleration in growth in early 2012. As at the nationallevel, a key will be sustained improvement in the housing market in terms of better sales and a floor on prices.The index was developed by Dr. Michael Walden (michael_walden@ncsu.edu) at NC State. Dr. Walden has a PhD ineconomics and over thirty years of experience studying the North Carolina economy. Special thanks to Dr. Walden forallowing the reproduction of the Index (February 2012, volume 3, number 2) in this publication. The complete onlineversion of the index may be found here.Policy, Research & Strategic Planning; February 2012 ReportI-4Page 261