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That's because June's sale was down.
"Even with the overall increase in home sales for July, sales are down a deep 10.2 percent from a year ago"
However, this is interesting.
"The median price of a new home, meanwhile, was $239,500 in July, up from $238,100 in July a year ago. The median price means half sell for more and half sell for less. The average home price, however, dropped to $300,800 in July, down from $311,300 for the same month last year."
This means high end houses may have trouble to sell.
This story is based on the national scope which is not very indicative of how it is in the triangle. We might get a pinch here, but we certainly are not going to be knocked on our rears.
The change in average home price is due to over-inflated areas coming back down to reality. I think this national crunch will be good for us in the long run.
This means high end houses may have trouble to sell.
My 2 cents.
Yes, this article seems to confirm your "two cents". BTW - the pic that ran with article was from a Toll Bros. home in Raleigh. The south is still better off in sale of high end homes than the rest of the country -- for now.
Toll Brothers, the nation’s largest builder of luxury homes, said Wednesday that its third-quarter profit plunged 84.8 percent as the housing downturn and credit worries resulted in cancellations and hefty write-downs.
The chairman and chief executive, Robert I. Toll, said the quarterly cancellation rate, which rose to nearly 24 percent, was greater than at any other point in the 21 years the company has been traded publicly.
...
He said reducing new-home production until the current oversupply is absorbed is “a key step in bringing housing markets back into equilibrium.”
Toll Brothers’ steepest declines in home building revenue were in Western states, including Arizona, California, Colorado and Nevada, followed by those in the North, the Middle Atlantic and the South.
Agreed; word on the street indicated that yes, July was amazingly good...but August has been absolutely dire for sales. A combination of the blazing heat and subprime woes/ job instability has kept many potential buyers away.
Check out the Brier Creek area for an early indication of how things are going to progress over the coming months. One street has six houses for sale, another one has 4 and two others have 3..and this is the area with one of the highest appreciations......!
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july 2007 wake county statistics
