Triad existing home sales fall
The Triad's existing home sales fell 3.7 percent in the past year, according to a report released this week.
That's a modest decline for the second quarter, compared to national housing figures. Existing home sales nationwide have fallen 10 percent during the past year.
Sellers in the eight-county Triad aren't slashing prices much, with the average home going for about $182,262 in the second quarter.
But the picture painted by the Triad Housing Report isn't all that rosy.
Compared to this time last year, 10 percent more homes are on the market. Existing home sales in Greensboro were down last quarter by more than 8 percent. In High Point, they were down nearly 10 percent.
According to the report, issued by the Triad MLS, 2,883 existing homes sold in the Triad last quarter. About 1,400 were in Guilford County.
Comments (1)
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Because our business demands we maintain a finger on the real estate industry both on a local and national level, our clients (Realtors and Agencies) understand the realities of their markets and yet scream for the positives that exist and never get talked about in the media. Unfortunately the media seldom smiles on these poor souls. The stories tend to gravitate to the controversial topics like iggyshouse or the Redfins of the world.
No doubt the web is turning the real estate industry both upside down and inside out. These "discount brokers" are challenging the current commission model. Add the DOJ vs. NAR litigation and you have a recipe for huge change in the not to distant future. I suspect the DOJ's final decision will "upset" the MLS applecart causing an industry changing ripple effect.
Raleigh's real estate market like many others is both robust and challenging. New home starts are down and existing home sales (recently) are on the rise and our clients are enjoying incremental growth in their business.
Posted on July 11, 2007 11:16 AM