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Site SearchRaleigh, N.C. — Sales of existing homes in North Carolina stabilized in December after a dramatic drop in November, according to figures released Tuesday.
Statewide, 5,100 homes sold last month, which was a 3 percent increase over the 4,959 that sold the preceding month, according to the North Carolina Association of Realtors. November's sales were down 22 percent from October.
Still, existing home sales remain relatively weak, the group reported. Last month's sales were down 38 percent from December 2007, but the median sales price was off by only 8 percent, from $217,727 to $201,255.
In the Triangle, sales remained soft. Last month, 1,089 existing homes sold, down 8 percent from November and 47 percent from December 2007. The median sales price was flat from a year ago, at $236,888.
Fayetteville and Goldsboro were two of the strongest markets statewide last month. Sales in Fayetteville rose 20 percent over November, from 232 to 278, while Goldsboro reported a 51 percent jump in sales, from 39 to 59 homes.
Median prices in both markets were down 6 to 8 percent, however.
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Also, you appear to be thinking that everyone is using 100% financing. This is almost not possible anymore. FHA has become the "new" subprime (I guess the gub'ment didn't do enough damage the first time by pushing subprime as an avenue to home ownership to those that were underqualified - now they are the sole subprime "lender") and even FHA requires some $ down now. Most people buying homes today, outside of VA financing (still 1% down), are having to front at least 5% down. For more expensive homes ($250,000 +), it'll be more like 20% down required and their credit better be supreme at that - and the home had better genuinely appraise at the sales price or better.
But again, the days of 100% financing are basically over - because that always leads to moving into a home 'upside down' when you add in closing costs, fees, etc. So take that $201,000-217,000 median price and subtract 5%-20% and recompute.
January 27, 2009 5:37 p.m.
How much has the home market went down in the Raleigh/surrounding areas by the way in the last 2 years?
January 27, 2009 4:48 p.m.
You're using median SALE figures for houses, but median income figures for ALL people - not just home buyers, and not even just home owners. While I doubt the real numbers are very rosy, I think your analysis is flawed.
As a side note, does anyone think we'd be better off (well, except for realtors...) if you didn't have to have your home appreciate by 6% or more just to break even on the deal?
January 27, 2009 3:53 p.m.
January 27, 2009 3:48 p.m.
January 27, 2009 3:43 p.m.