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True - much less growth than the past few years where prices have climbed 5%-8% as is the norm. But positive growth still much better than the double digit losses the vast majority of the country is seeing.
Just the other day the Triangle MLS announced that the number of homes sold were flat, prices were flat, and inventory is up 16% in June! In fact, they said that June was the weakest year-over-year performance this year!
For those expecting to find the Triangle home market sagging, think again. If anything, the market seems to be strengthening - up 9% since May, prices slightly higher than last year.
You say this like its a good thing, however without knowing the stats for the same time last year, the +9% change is meaningless!
I took a look at the NCAR's reports on their website. Last year, sales increased +16% from May to June, so +9% this year suggests that the market is actually slowing. Even more indicative of a potential slowdown is the fact that from Mar thru May, month over month increases were outpacing last year, which makes the +9% even worse!
In addition, June vs. May for the rest of the state (excluding the Triangle) decreased -4%, but compared to last year's decrease of -11%, this is actually an improvement.
So the June vs. May sales suggests that the Triangle market is actually slowing, while the rest of the state is improving. But, its one month, so could be a hiccup and not a trend. We'll have to see how the next month or two goes.
Month over month change: Triangle 2006 2007
Mar +22% +37%
Apr -6% -2%
May +20% +22%
Jun +16% +9%
Makes you wonder doesn't it? Perhaps somebody (or some powerful organization, hint hint) read the story from the other day and decided that bad news would hurt business, so they hired some spin doctors to tell the story again.
Makes you wonder doesn't it? Perhaps somebody (or some powerful organization, hint hint) read the story from the other day and decided that bad news would hurt business, so they hired some spin doctors to tell the story again.
I supsect we will be seeing a lot of this kind of propaganda, not just here but all over the country, after today's bad news!
Anyway you spin it things are slowing here. Todays numbers will cause even more of a slowdown. Another 3 homes are now for resale in our neighborhood here in Fuquay all 1 year old. 22 homes in new inventory 2 sales in 2 months. Zero resales in the last two months.
this is no different than the stock market.....for example, if you see the whole market go up today, does that mean the market is healthy and you're going to buy tommorrow?
you never know, b/c it may drop again leaving you with buying at the high point....don't listen to news or propaganda...
it's all about how you "value" it in your eyes....
personally i think the triangle market is overheating and i'm very cautious about overpaying now...i see a lot more listings...i see a lot more sellers trying to capitalize at the high point by asking for ridiculous premiums over what they originally bought it for not too long ago
with interest rates going higher, why would anyone pay full price now
The only thing that has "slowed" any part of the market here is relos. Probabky about 30% of the market is relos on average, and people have had a harder time selling their homes elsewhere, prohibiting them from getting here
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