Article in Voice - Nags Head wins 1 million in grants to start Dowdy

Nags Head wins $1 million in grants to start Dowdy Park

By Outer Banks Voice on November 17, 2015

The plan incorporated elements of three ideas offered for public discussion. (Town of Nags Head)

The park will feature a centralized green space and gazebo for events, a multi-purpose playing field, sport court, fitness and walking trails, children’s play areas and gardens.

With $1 million in grant funding, the Town of Nags Head will soon begin the first phase of construction on Dowdy Park.

The grants — $750,000 from Trillium Health Resources and $250,000 from the Dare County Tourism Board — will help pay for infrastructure, including site prep, parking and stormwater drainage. The money will also go toward the events plaza, the gazebo and a central multi-use turf area, a portion of the fitness trails and playground spaces.

Bought by the town for $1.5 million in 2013, the 5-acre property was once Dowdy’s amusement park. What was left of the rides were hauled off and the old arcade building was used for firefighting practice.

Plans are to develop a park for all ages. The site at the corner of S. Croatan Highway and Bonnett Street is across the street from the Outer Banks YMCA and next door to Nags Head Elementary School.

A park plan was approved by Nags Head’s Board of Commissioners in March 2015 with suggestions from the public.

It will include a centralized green space and gazebo for events, an events plaza to host craft fairs and similar activities, a multi-purpose playing field, sport court, fitness and walking trails, formal and informal children’s play areas and gardens.

Also envisioned are creative components such as interactive art exhibits, art panels and rotating art displays.

The park will be designed for people of all ages and abilities.

“Both Trillium Health Resources and the Dare County Tourism Board are significant funding partners who are helping to move construction of Dowdy Park forward,” said Deputy Town Manager Andy Garman.

“We are extremely grateful to both of these organizations for the assistance they are providing to enable the Town to provide our community with a park that can be used by anyone of any age and any ability.”

State OKs purchase of Corolla land for Mid-Currituck Bridge

By Sam Walker on November 6, 2015

Rendering of the bridge (NCDOT)

The state Board of Transportation voted Thursday to allocate $5.7 million to purchase a parcel of land in Corolla that would become the eastern landing of the proposed Mid-Currituck Bridge.

The 7-acre property is adjacent to the Corolla Bay neighborhood and is owned by Northeastern North Carolina Properties LLC, a division of Towne Bank, which had approached Currituck County leaders several times, including as recently as this summer, for approval to develop the land between the Currituck Sound and N.C. 12.

“By purchasing the property now, we are saving taxpayer dollars by purchasing the land at a lower price than it would be if it were to be developed before acquisition,” said NCDOT spokesperson Jennifer Heiss.

The span to connect from the mainland community of Aydlett to the Currituck Outer Banks has been in some form of planning for almost two decades, but talk about building a bridge dates back even longer.

“Currituck County has been advocating for the Mid-Currituck Bridge since the 1970s,” said County Manager Dan Scanlon.

“We are excited to see the acquisition of the right-of-way under way and anxiously awaiting the ground breaking,” Scanlon added.

When North Carolina lawmakers revamped how road projects are funded in 2014, among the changes was removing a legislative mandate for the Mid-Currituck Bridge, throwing it back into the same funding pot as other road and bridge projects in the region.

The most recent estimated cost of the bridge is at least $410 million, with the state kicking about $173 million in for initial planning, design work and right-of-way acquisition.

ABOVE: The parcel to be purchased, in blue. (Currituck GIS)               BELOW: Proposed route of the bridge, in red. The bridge would intersect with N.C. 12 at a traffic circle. (NCDOT)

The rest of the money would come from the sale of bonds that would be paid back using tolls.

Within the layout of the Strategic Transportation Improvement Plan, the bridge was ranked low as a regional and statewide priority, but was included on the list of future projects that was finalized last June.

“This is a regional project with regional benefits and we extremely thankful for the support of our communities, our citizens and the surrounding counties and towns that have all worked hard in advocating and advancing this project and for their support of the project within the Strategic Transportation Investment program,” Scanlon said.

$1,235,505 was previously approved for appraisal and advanced acquisition of specific parcels for the proposed 7-mile-long, two-lane bridge.

The state Board of Transportation on Thursday granted a request for an additional $5,702,571 from the state’s Highway Trust Fund, which is supported primarily by revenue generated by North Carolina’s motor fuels tax.

“If the property were to be developed prior to us purchasing it for the project, it would be of greater expense and we would also have to pay to relocate residents whose homes we would have to purchase,” Heiss said.

The most recent timeline for the bridge would have construction starting by the end of the decade, and the span open to traffic by 2025.

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The icon Aggie passed away at 23. -See story in Outer Banks Voice.

Beloved roadside icon, Aggie, passes away at age 23

By Sam Walker on November 4, 2015

Aggie’s stall was near the corner of U.S. 158 and Aydlett Road. (Marianne Gradeless/Facebook)

For years, a sure sign that someone was getting close to the Outer Banks was seeing Aggie the Horse roaming the pasture outside her stall along U.S. 158 just south of the Knapp Bridge in Coinjock.

Owned by Mack and Karen Pierce, a visit with Aggie to share a snack or just a pat on the head has been almost a required part traveling the busy highway by locals and visitors for the last two decades.

Sadly, word came Wednesday morning that she passed away during the night at age 23.

“The Pierces wanted me to convey to all of you how much they have appreciated the public’s care, concern and love for Aggie over the years,” according to a post from Steven Craddock, administrator of Aggie’s official Facebook page.

“Aggie, you brightened all our days, and you made all our lives happier during the 23 years you were with us. Currituck County has lost one of its greatest treasures, but heaven has gained another beautiful winged angel.”

Cover photo by Dianna Keen/Facebook

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Fuel Prices OBX By Rob Morris in The Outer Banks Voice

Numerous factors drive up OBX fuel prices, distributor says

By Rob Morris on September 22, 2015

Lynn Keffer of Crossroads Fuel Service spoke Monday.

Higher maintenance, insurance and real estate costs are among the factors contributing to the disparity in gasoline prices between the Outer Banks and neighboring areas, a regional fuel wholesaler says.

Lynn Keffer, president of Crossroads Fuel Service, was the only one to speak Monday after Dare County commissioners had invited local service station owners to explain why gasoline prices are so much higher here.

Keffer said that he has no influence on prices at the pumps, but as an owner of a family business in operation for 50 years, he said he knows what service station owners on the Outer Banks deal with. His Chesapeake company distributes fuel in Virginia and northeastern North Carolina.

Complaints about high fuel prices are long-standing. Earlier this year, Dare County commissioners asked for an investigation by the state Attorney General’s office. An official was assigned to look into the disparity, but the county has yet to receive a report.

This week, prices were running about $2.19 a gallon in the northern Outer Banks compared to less than $2 in Southeastern Virginia and Elizabeth City.

Keffer agreed to step forward after the board sent letters to Outer Banks station owners earlier this month asking why prices here are higher — often 20 to 40 cents per gallon — than in Currituck County, Elizabeth City and southeastern Virginia.

“One of my customers in Dare County showed me his property insurance bill, and his was for wind only, for last year,” Keffer said. “He is paying nearly 30 percent more for one property with one canopy and two buildings than we are paying for a combined 11 properties, five canopies, 13 buildings and an assortment of above-ground storage tanks.

“Ours is property insurance that includes wind, fire, vandalism, even a little bit of pollution . . .”

Wind and salt air take a toll on equipment, such as pumps, he said, and the lifespan is about 50 percent lower than in other areas. Service calls, he said, are more frequent and expensive.

Outer Banks dealers can expect at least one service call a month for repairs to pumps, he said, while a dealer in Elizabeth City might have four to six a year.

“The trip charge for repair to Avon is $459,” he said. “That’s the trip charge for repair. That compares to what we pay in Elizabeth City to about $75 per trip.”

Property values also contribute to higher prices at the pumps. Keffer said that three convenience stores his company owns inland are valued about 50 percent less than a service station for sale on the Outer Banks.

He said he couldn’t cite figures on the difference in mortgage and rental costs, but “whatever it is, it’s more. And it’s going to affect the cost of your gasoline.”

Higher freight costs amounting to about 5 cents a gallon also should be taken into account, he said. Credit cards are used more frequently during the tourist season, so they can add to operating costs as well, he said.

Dealers in Elizabeth City often sell at or below costs, Keffer said, for competitive reasons, to maintain cash flow and to honor contractual commitments to suppliers to sell a specified amount of gas.

Keffer does business directly with four retailers in Dare County — one for 33 years — and with others as a common carrier, he said.

“They’re not out to get anybody,” he said. “They’re just out to make an honest living.”

None of the commissioners asked questions or commented after Keffer’s presentation.

Colington Road Gets a Facelift

Busy Outer Banks road due for a facelift

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By Jeff Hampton
The Virginian-Pilot
© September 20, 2015

KILL DEVIL HILLS, N.C.

A busy Outer Banks road that winds past flood-prone waters in the shadow of the Wright Brothers National Memorial will get resurfaced, widened and lifted in places.

Colington Road runs 4.3 miles from U.S. 158 next to the memorial past Colington Creek and Blount Bay before ending at the tip of the island on Kitty Hawk Bay. The scenic views are great, until the wind whips up and waves splash onto the pavement, or heavy rain pools deep across the center line.

"It can be dangerous," said Jocelyn Midgette, who manages Joe and Kay's Campground with her husband.

The North Carolina Department of Transportation held a public meeting Thursday on the $17.4 million project in Kill Devil Hills. Dozens attended the meeting to peer at large maps and question highway officials. The work includes widening the two-lane route, lifting the pavement in low spots and adding paved paths for cyclists and pedestrians.

The state plans to have more public meetings and acquire the land needed for widening the road in 2017. Construction is planned to begin and likely wrap up in 2018.

The state also plans to straighten a curve in the road near the intersection with Sandpiper Drive.

But a straighter road means more speeding, said resident Phil Kadala.

"That curve is not so bad if it slows people down," he said.

The road passes a mix of mobile homes and high-dollar houses. Popular stops along the way include Billy's Seafood and The Colington Cafe. In places, marsh grasses grow near the pavement. Locals and tourists fish and crab within sight of the zooming cars.

Despite the rural character, more than 12,000 vehicles a day on average travel the narrow route. The state added large rocks known as rip rap to the shoreline years ago, helping keep the water back. Two new bridges were built in the 1990s, and some sections of pavement were raised later. Two years ago, crews rerouted the road to remove a sharp loop around a church.

Still, floodwaters breach the improvements at times. When the lane nearest the water submerges, drivers typically wait their turn to pass. Some take the risk of stalling out.

"I've driven through when I probably shouldn't have, just because I wanted to go home," said Colington Harbor resident Martha Cain.

Jeff Hampton, 252-338-0159, jeff.hampton@pilotonline.com

The Outer Banks Voice - Why does El Niño mean a ‘quieter’ hurricane season for us?

The Outer Banks Voice - Why does El Niño mean a ‘quieter’ hurricane season for us?

Article in Va. Pilot ---Outer Banks Mansion Raises Questions

The Virginian-Pilot
© September 6, 2015

COROLLA, N.C.

A massive house looms above the dunes in the northernmost developed part of the Outer Banks. The structure dwarfs the 5,000-square-foot home nearby in a place where big-wheeled buggies rumble over unpaved roads and wild horses graze in yards.

With 24 bedrooms, it is one of four similarly sized structures in the county raising questions about how big a single-family dwelling can be.

"We think the definition is very clear. This house should not be allowed as a single-family dwelling," said Marie Long, owner of the house next door on Ocean Pearl Road.

Long has protested the home's 20,000-square-foot size and planned use for events such as weddings where roughly 50 people can stay overnight. She has taken her fight to the court system.

She argues that the volunteer fire department is 7 miles away and emergency trucks would have to navigate narrow sandy roads to respond. As a single-family home, it is not required to meet commercial standards for sprinklers, marked exits, floor loads or handicapped access.

Weeklong stays with weddings can cost between $20,000 and $30,000 in the peak season. The house is primarily for commercial purposes rather than family gatherings, she said.

But a local board ruled in 2013 that the house falls within the county's development ordinance as a single-family dwelling. After Long appealed, the Superior Court upheld the county's decision. Long is waiting for a decision from the North Carolina Court of Appeals. Her chances don't look good.

The state passed a law earlier this year that prohibits local governments from limiting the number of bedrooms in homes.

"If a large residential structure is not a single-family dwelling, then it would likely have to be considered a hotel," Currituck County planning director Ben Woody said.

The county's development ordinance does not address a building that is a mix between a house and a hotel, he said.

The debate pits old adversaries of personal property rights against government regulations intended to protect the community. Locals in the four-wheel drive area north of Corolla have successfully opposed business districts and major road improvements over the years. Isolation and less control is part of the attraction.

This rental home should be no different than others, said Bernie Mancuso, builder of the large house on Ocean Pearl Road.

"Just because it gets bigger does not mean its rights should change," he said.

Currituck County lists 247 homes of 5,000 or more square feet built since 2005. Most are rentals.

Fears of mansion-like homes going up all over the beach are unfounded, Mancuso said. Few lots can handle the size. The county imposes setbacks and a height limit of 35 feet.

In the more urban Currituck Club subdivision in Corolla, another 24-bedroom home named The Black Stallion is open for rentals at nearly $28,000 a week in peak season. The pool house is more than 2,000 square feet. The Twiddy & Co. Realtors website lists amenities such as a spiral staircase three stories tall and a dining room that seats 50. A life-size statue of a rearing black stallion stands out front.

Most homes in the neighborhood are about 5,000 square feet.

Former real estate agent and neighbor Dave Knoch has protested the home's frequent use for big parties. He has been awakened by gatherings held there. Knoch has filed a request to amend county ordinances to say that any house over 5,000 square feet that hosts more than two events a year must get commercial zoning and building permits.

The county planning board is expected to consider the proposed amendment next month.

"Every weekend there is a church party or wedding party or whatever," Knoch said. "I'm not against large houses. I'm against how they're being used."

Jeff Hampton, 252-338-0159, jeff.hampton@pilotonline.com

Bonner Bridge Replacement -- Source (Wikipedia Commons)

Legal Deal Allows Bonner Bridge Replacement

By: Emery P. Dalesio - ASSOCIATED PRESS

Source: Wikipedia Commons. A legal settlement is clearing the way for work to replace the crumbling bridge connecting the Outer Banks as early as next spring, as well as two new bridges on Hatteras Island over precarious areas where the main road is frequently washed out, North Carolina officials said.

RALEIGH, N.C. (AP) A legal settlement is clearing the way for work to replace the crumbling bridge connecting the Outer Banks as early as next spring, as well as two new bridges on Hatteras Island over precarious areas where the main road is frequently washed out, North Carolina officials said.

The word comes after environmental groups represented by the Southern Environmental Law Center dropped a lawsuit blocking North Carolina from replacing the 52-year-old bridge that was designed to last for 30 years. A legal settlement wrapping up the case was reached in June.

The deal calls for a new span over Oregon Inlet parallel to the existing Bonner Bridge, the only link to the mainland from Hatteras Island. Past estimates have put the price tag for the 2.8-mi. (4.5 km) bridge at about $215 million, but years of delays would raise the price tag. The total extra cost was not yet clear, DOT spokesman Mike Charbonneau said.

The state also will build a half-mile bridge over an unnamed inlet carved through the island by a 2011 hurricane. The bridge for North Carolina Highway 12 over the now-largely filled inlet through the Pea Island National Wildlife Refuge is expected to cost about $28 million, Charbonneau said. Work on this bridge could start before the end of the year, state officials said. The DOT is scrapping a $79 million contract to build a longer, permanent bridge, according to terms of the legal settlement.

A third, 2.5-mi. (4 km) long bridge will sweep over the Pamlico Sound to avoid a precarious section of Highway 12 known locally as the “S-curves.” That’s expected to cost between $179 million and $198 million.

It was a year ago that the 4th U.S. Circuit Court of Appeals unanimously rejected the state’s plan to replace the Bonner Bridge without rerouting N.C. 12 away from the wildlife refuge.

Environmental opponents argued the state’s replacement plan left out the cost of moving or maintaining about 12 mi. (19 km) of N.C. 12 through the wildlife refuge. Environmentalists said the Bonner Bridge replacement would be useless without additional road and bridge construction.

The environmental groups had wanted a 17-mi. (27 km) route around the wildlife refuge to connect the town of Rodanthe and other communities on Hatteras Island. That bridge would have been the second-longest bridge in the United States and state officials said it would cost more than $1 billion.

Region: Southeast Edition | StoryID: 26117 | Published On: 9/2/2015

Jellyfish Like Creature Invasion.... Article by Katy Galimberti

CLICK HERE...

Town of Kitty Hawk announces Highway 12 Beach Road closure.

Beginning immediately until approximately August 7th, portions of HWY 12 (Beach Road) between White and Lillian Streets will be closed for a dune restoration project being conducted by the  NC Department of Transportation.  Barricades will be in place to designate the closed sections.  Property owners and guests will be allowed access to their property.   

Please use caution and exercise patience when traveling in this area.  

If you have any questions and concerns, contact the local NCDOT office at 252-473-2990.  

Located on the Outer Banks of North Carolina, the Town of Kitty Hawk offers year-round residents and visitors alike a unique and relaxing environment. The Town consists of a thriving Village that has been around for generations, a newer beach community of residential cottages, and a maritime forest called Kitty Hawk Woods. The Woods feature a wide variety of plant and animal life.

The beach and village consist of low to medium density, single-family residential developments served by small businesses. Both the beach and the village share a feeling that development remains on a human scale and in harmony with nature. It is a pattern and character of development that the Town's people, both year-round and seasonal, are quite comfortable with and want to retain.

The origin of the name Kitty Hawk is still a matter of local debate. Most people agree that it is a Native American name for this area. The word originally appeared on English settlers' maps as "Chickehawk" or "Chickahawk" in the early 1700's. By the late 1700's, local residents spelled the name as we do today, with old land deeds referring to settlements as "Kittyhuk," "Kittyhark," KittyHawk," and "Kitty Hawk."

If you have information or are requesting information in reference to suspicious activity or a crime, or need someone to contact you in reference to a Kitty Hawk Police Department issue, please call 252-261-3895 or email the department at administrationpd@kittyhawktown.net

Please choose the information you are seeking from the menu on the left. You may contact the Town Hall by phone at (252) 261-3552.  Our fax number is (252) 261-7900.  The Town's e-mail address is info@kittyhawktown.net and our mailing address is PO Box 549, Kitty Hawk, NC 27949.  Our physical address is 101 Veterans Memorial Drive, Kitty Hawk, NC 27949

If you have any problems with or questions about this site, please contact Melody Clopton at mclopton@kittyhawktown.net 

National Association of Realtors says home sales spiked in March

Existing-Home Sales Spike in March

MEDIA CONTACT: ADAM DESANCTIS / 202-383-1178 / EMAIL

WASHINGTON (April 22, 2015)—Existing-home sales jumped in
March to their highest annual rate in 18 months, while unsold inventory 
showed needed improvement, according to the National Association 
of Realtors®. Led by the Midwest, all major regions experienced 
strong sales gains in March and are above their year-over-year sales pace.

Total existing-home sales¹, which are completed transactions
that include single-family homes, townhomes, condominiums
and co-ops, increased 6.1 percent to a seasonally adjusted annual 
rate of 5.19 million in March from 4.89 million in February—the highest 
annual rate since September 2013 (also 5.19 million). Sales have 
increased year-over-year for six consecutive months and are now 10.4 
percent above a year ago, the highest annual increase since August 
2013 (10.7 percent). March's sales increase was the largest monthly 
increase since December 2010 (6.2 percent).

Lawrence Yun, NAR chief economist, says the housing market appears
to be off to an encouraging start this spring. "After a quiet start to the year, 
sales activity picked up greatly throughout the country in March," he said. 
"The combination of low interest rates and the ongoing stability in the job 
market is improving buyer confidence and finally releasing some of the 
sizable pent-up demand that accumulated in recent years."

Total housing inventory² at the end of March climbed 5.3 percent to
2.00 million existing homes available for sale, and is now 2.0 percent
above a year ago (1.96 million). Unsold inventory is at a 4.6-month
supply at the current sales pace, down from 4.7 months in February.

The median existing-home price³ for all housing types in March was
$212,100, which is 7.8 percent above March 2014. This marks the
37th consecutive month of year-over-year price gains and the
largest since February 2014 (8.8 percent).

"The modest rise in housing supply at the end of the month despite the
strong growth in sales is a welcoming sign," adds Yun. "For sales to
build upon their current pace, homeowners will increasingly need to
be confident in their ability to sell their home while having enough 
time and choices to upgrade or downsize. More listings and 
new home construction are still needed to tame price 
growth and provide more opportunity for first-time buyers to enter
the market."

The percent share of first-time buyers was 30 percent in
March, marking the third time since last March that the first-time
buyer share was at or above 30 percent. First-time buyers represented
29 percent of all buyers last month; they were 30 percent in March 2014.

According to Freddie Mac, the average commitment rate for a
30-year, conventional, fixed-rate mortgage increased in March for
the second consecutive month, rising to 3.77 percent from 3.71 percent
in February. Despite the slight increase, the monthly average is still below
4.00 percent for the fourth straight month.

NAR President Chris Polychron, executive broker with 1st
Choice Realty in Hot Springs, Ark., says there needs to be
additional choices for borrowers looking for safe and secure mortgage
products to finance their home purchase. Realtors® urge the U.S.
Senate to schedule a vote for the bipartisan Mortgage Choice Act,
which passed the U.S. House of Representatives last week.

"This legislation levels the playing field for brokerages with affiliated
business agreements by eliminating the 3 percent cap on the
calculations of fees and points in the Dodd-Frank Ability-to-Repay/Qualified
Mortgage rule," he said.

All-cash sales were 24 percent of transactions in March, down from
26 percent in February and down considerably from a year ago (33 percent).
Individual investors, who account for many cash sales, purchased 14
percent of homes in March, unchanged from last month and down from
17 percent in March 2014. Seventy percent of investors paid cash in March.

Distressed sales⁴—foreclosures and short sales—were 10 percent of
sales in March, down from 11 percent in February and 14 percent a year ago
.Seven percent of March sales were foreclosures and 3 percent were
short sales. Foreclosures sold for an average discount of 16
percent below market value in March (17 percent in February), while
short sales were also discounted 16 percent (15 percent in February).

A NAR study released earlier this week revealed that nearly
a million formerly distressed owners of prime quality have become
re-eligible for Federal Housing Administration or similar financing
programs and may have purchased a home again, and an additional 
1.5 million are likely to become eligible over the next five years. 
However, damaged credit and other factors will severely limit the 
overall number of those being able to return.

Properties typically stayed on the market for a shorter time period
in March (52 days) compared to February (62 days), and are also
selling slightly faster than a year ago (55 days). Short sales were
on the market the longest at a median of 165 days in March, while
 foreclosures sold in 56 days and non-distressed homes took 51 days. 
Forty percent of homes sold in March were on the market for less than a month.

Single-family and Condo/Co-op Sales

Single-family home sales rose 5.5 percent to a seasonally adjusted
annual rate of 4.59 million in March from 4.35 million in February,
and are now 10.9 percent above the 4.14 million pace a year ago.
The median existing single-family home price was $213,500 in 
March, up 8.7 percent from March 2014.

Existing condominium and co-op sales increased 11.1 percent to a
seasonally adjusted annual rate of 600,000 units in March from 540,000
units in February, and are now 7.1 percent higher than March 2014
(560,000 units).
The median existing condo price was $201,400 in March, which is
1.6 percent higher than a year ago.

Regional Breakdown

March existing-home sales in the Northeast increased 6.9 percent to
an annual rate of 620,000, and are 1.6 percent above a year ago.
The median price in the Northeast was $240,500, which is 1.6 percent
below a year ago.

In the Midwest, existing-home sales jumped 10.1 percent to an annual
rate of 1.20 million in March, and are now 12.1 percent above March 2014. 
The median price in the Midwest was $163,600, up 9.7 percent from a 
year ago.

Existing-home sales in the South climbed 3.8 percent to an annual rate of 2.19 million in March, and are now 11.7 percent above March 2014. The median price in the South was $187,900, up 9.3 percent from a year ago.

Existing-home sales in the West rose 6.3 percent to an annual rate of 1.18 million in March, and are now 11.3 percent above a year ago. The median price in the West was $305,000, which is 8.3 percent above March 2014.

# # #

NOTE: For local information, please contact the local association of Realtors® for data from local multiple listing services. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

¹Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau's series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90 percent of total home sales, are based on a much larger data sample—about 40 percent of multiple listing service data each month—and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

²Total inventory and month's supply data are available back through 1999, while single-family inventory and month's supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).

³The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR's quarterly metro area price reports.

⁴Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR's Realtors® Confidence Index, posted at Realtor.org.

The Pending Home Sales Index for March will be released April 29, and Existing-Home Sales for April are scheduled for May 21; release times are 10:00 a.m. EDT.