Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Oh no. More good news for the Triangle. Home sales transactions are up 6 percent and it even includes new home sales which are hurting the most. That's headed in the right direction....right?
I'd like to know if there's typically a bump from March to April (which I'd expect). Year over year sales are down and prices are down 9%, so it's not clear that we're headed in the right direction from a seller's perspective.
I'd like to know if there's typically a bump from March to April (which I'd expect). Year over year sales are down and prices are down 9%, so it's not clear that we're headed in the right direction from a seller's perspective.
Sales up=Good for the economy and seller's
Prices down= Not good for sellers
In short easier to sell and perhaps not as profitable. Didn't say easy but easier and some neighborhoods have priced better than others. Lot better than sales down.
I have noticed an increase in sales from Agents in my office.
I have also noticed a DECREASE in new homes. Builders are not building as many "spec" houses as usual, due to the economy and the banks refusal to lend money if they have homes in inventory that have not sold.
Therefore, I have seen more resales selling, which should make our sellers happier!
If any of you get the "New Homes Guide" from the grocery store, you may notice that it has SHRUNK to half it's size.
Sales don't always equate to closings. I'd be interested to see the correlation. Given the increased borrower scrutiny and the decrease in average price sold, i'm imagining the closings are still off.
It will rebound, but we're still quite a ways away. Plus, when it does rebound, there will not be the previous level of spec homes, nor the average price.
The average sales price is down but the article clearly says that the higher end of the market is stagnant. So, while one might assume that prices have decreased across the board, I wouldn't be so sure. One would have to compare similar houses from year to year to determine if there's been that level of price deflation. The figure stated in the article conflicts with reports that suggest a much more modest price deflation in Raleigh. I am guessing that the increase in sales of smaller/lower priced homes in comparison to larger more expensive homes is (at least) creates an inappropriate illusion regarding the overall values in the market. That said, I'd think that there's more bargains to be had on the high end of the market than on the entry level end of it.
Do you see a change in the market in the next year? Good or Bad? We are in the 375,000 to 450,000 range and unsure if we should continue to rent? What is the opinion out there, will prices go up along with rates?
I'm not sure where this 6% is coming from - the data available for the Triangle shows a bit less than a 3% increase from March to April this year (1581 -> 1623). Past articles on WRAL have failed to account for revisions in older data, so I'd take them with a grain of salt. Then again, the data on the TMLS web site usually takes a few months to settle down so maybe this is showing data more recent than what's been released to the public.
In any case, it's not a big deal. Looking at 2002-2007 sales increased on average about 3% from March to April, so a 6% increase is within what I'd consider normal. The important numbers have been pointed out already by other posters - they're down 30% compared to last April, and down 45% compared to 2 Aprils ago.
If sales are still slower than last year things haven't even bottomed yet, much less started to recover.
And the price info from the article isn't telling much. As others have mentioned, the ever-changing mix of houses that are sold month to month distorts whatever's happening in changes in value. The 9% drop compared to last year is impressive, but that same data also shows a 9% drop in one month. No way house values are dropping that quickly - a lot of this has to be due to a different mix of houses being sold this month compared to last. That's not to say that seeing consistently negative year over year price changes isn't saying something useful about the overall direction of prices. I just don't think anyone should take it to mean than their house is now worth 90% of what it was worth last month.
If we get 3-6 more months showing drops like that, though, it's a different story.
Well i live in Holly Springs in Braxton Village. On my street they are building about 10 brand new homes and they are all sold except 1 or two. I see that as a very positive sign.
And, I heard from someone that they are building a beaver-creek like place across from the super wal-mart. they are building something big over there. This will only do great things for my neck of the woods.. And of course 540 is coming near that area in a few years or so... Anyhow, HS seems like one place where you can still buy a nice home for less than or around 200K and still have lots of stuff nearby.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
