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Home prices fall, but more were sold in March

Posted April 30, 2009

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— Homes in the Triangle sold for 3 percent less during March than in the same month a year ago, according to data released by the N.C. Association of Realtors Thursday. The drop is right in line with the national average.

Sale prices of existing homes also dropped in Rocky Mount, Goldsboro, Hendersonville and Pinehurst. Haywood County saw the most precipitous decline, with sale prices of existing homes down 26 percent in March from 2008. Statewide, prices are off 9 percent.

The number of homes being sold is also down from March 2008, by 31 percent in the Triangle and 29 percent statewide.

The good news is that while the year-to-year comparison shows a drop, prices and units sold may be making a turn for the better. From February to March of this year, 60 percent more homes were sold in the Triangle and 30 percent more statewide. More homes were sold in March in all but two of the markets the Realtors group reported on.

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  • gnew46 May 1, 2009

    It's a good time to buy with low rates, plenty of housing stock to pick from and the banks are willing to deal to make loans. I recently bought a very nice home in a very nice neighborhood and had instant equity the moment I closed. Payment is slightly more than rent.

  • duster 340 May 1, 2009

    Alot of these homes are over price anyway .

  • nufsaid Apr 30, 2009

    So this means that our property taxes will be reduced to reflect the lower value of our homes, right?

  • KCfromNC Apr 30, 2009

    I'm curious where this - "From February to March of this year, 60 percent more homes were sold in the Triangle" - came from. The Triangle MLS data shows that there was only a 30% increase from Feb to Mar which is in line with the normal spring increase the area sees every year. For some strange reason, these kinds of articles forget to mention that sales increase in the spring and through the summer every year. Instead it looks like they're trying to spin it into a recovery. On the contrary - a normal increase from the worst Feb we've seen in at least a decade leads to a pretty low sales volume in March as well. In this case, it's half of the March 2007 sales numbers. Some sign of hope that is...

  • The Oracle Apr 30, 2009

    Me Again: If you sold your FSBO in a week, it was probably priced much too low. You may have ended up with more money using a realtor. And No, I am not in the real estate business.

  • TheAdmiral Apr 30, 2009

    I trust realty groups and Realtors about as far as I can throw them.

    They are liars, they were part of the unethical behavior which led us here, and the National Organization of Realtors need to be disbanded and all of those unethical morons need to go to prison for pushing in the first place for relaxed lending rules so the people they represent can make more money.

  • moth Apr 30, 2009

    I don't trust ANY of the figures put out by the realty groups at all. I would only trust stats from Trulia and even those don't include the FSBO's which here in NC are about 40% of the market. I do see a HUGE # of empty homes sitting around.

  • Me again Apr 30, 2009

    Sales are up b/c interest rates are extremely low. We sold our house FSBO in a week with no 3% cut.

  • Blueboxinggloves Apr 30, 2009

    Could it be that more homes were sold BECAUSE home prices fell?
    Hmmmmmm.