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Triangle existing home values up 4 percent, sales volume falls 40 percent

Posted November 23, 2010

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— Good news for home owners in the Triangle: Your property is probably worth more.

But there’s a big caveat – Can you find a buyer?

Existing home sale prices increased 4 percent from a year ago to $230,500 in October, according to the Triangle Multiple Listing Service.

However, the number of closings fell sharply by 40 percent to 1,067 in October. The TMLS noted that home buyers could receive thousands of dollars in tax credits last year that are no longer available.

The TMLS covers Durham, Orange, Wake and Johnston Counties.

Even as the number of sales slowed, the housing inventory surged with 13,135 new and previously owned properties on the market. That total is up from 9 percent a year ago.

The number of new home listings fell to 2,475, a drop of 9 percent.

Nationally, sales of previously owned homes also slipped slightly.

On the Record: Home sales and economy On the Record: Home sales and the economy

The National Association of Realtors says that sales of previously owned homes dipped 2.2 percent last month to a seasonally adjusted annual rate of 4.43 million units.

The median price for a home sold in October was $170,500, down 0.9 percent from a year ago, as prices continue to be depressed by weak sales conditions and a huge overhang of unsold homes.

Sales had plunged to the slowest pace in 15 years in July and then posted gains in August and September before slipping back in October. Sales in October were 38.9 percent below their peak of 7.25 million units set in September 2005 during the height of the housing boom.


 

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  • Dark of the Moon Nov 24, 2010

    Spoken like a true (R)ealtor...Even though this way of thinking has caused a global meltdown and placed countless families on the street old Charlton's not too worried cause he got his...Reeks of greed to me.

    Gatsby
    _____________________________________

    Sorry Gatsby, I am not a Realtor. And I didn't use my homes as ATMs. When I knew they were inflated in price I sold and TOOK the money with me. That is not greed. That is being smart. Fools are the ones who used their homes like ATM's and I don't feel sorry for them. They made the decisions they did and no one forced them to do anything.

    The point is not all micro markets are in trouble. There are some markets that are so bad they skew the overal numbers. If you take responsibility for yourself and your actions and educate yourself, you stand an excellent chance of making out well. I did just that and carry NO debt other than a very affordable mortgage which I can now pay off anytime I choose. That's being smart, not greedy.

  • Gatsby Nov 23, 2010

    My neighborhood is selling very well. You wouldn't even know there is a housing issue. Real estate is local. If you have a good house in a good neighborhood, you won't have many worries.

    I bought and sold multiple times before and during the meltdown. Make smart choices and you will be fine. I am so far ahead in my cash position with my buying and selling and now I am in my long term home and the neighborhood is still doing great.

    Real estate has been very very good to me. Then again, I have a brain and make educated decisions.

    Charlton Dude
    ____________________________________________________________
    _____________

    Spoken like a true (R)ealtor...Even though this way of thinking has caused a global meltdown and placed countless families on the street old Charlton's not too worried cause he got his...Reeks of greed to me.

    All markets are different...Check
    They are not making more land...Check
    Its a wonderful time to buy...Check
    Housing always goes up...check

    We have heard them all

  • loyalgirl1111 Nov 23, 2010

    Just a ploy to increase our taxes I am sure!

  • archmaker Nov 23, 2010

    How's that Hope and Change working out for y'all??
    Keepin_it_real_in_NC

    working out great - i just had my house appraised (worth more than i paid, worth more than the tax value) so i can refinance and pay nearly half of what i was paying in mortgage OR pay it off in half the time.

  • Dark of the Moon Nov 23, 2010

    My neighborhood is selling very well. You wouldn't even know there is a housing issue. Real estate is local. If you have a good house in a good neighborhood, you won't have many worries.

    I bought and sold multiple times before and during the meltdown. Make smart choices and you will be fine. I am so far ahead in my cash position with my buying and selling and now I am in my long term home and the neighborhood is still doing great.

    Real estate has been very very good to me. Then again, I have a brain and make educated decisions.

    Charlton Dude

  • Peace Love and Cold Meds Nov 23, 2010

    Any way that you want to spin it, it's a big bunch of negative news isn't it Tim Minton. Everything is good when your buddies are making the big bucks, but I don't even want to hear you try and spin a 40% reduction in sales. You can't. You need to own up to the facts and tell the public the truth if you want to sell homes in the future. The truth is not again in our lifetimes will we enjoy home appreciation and an opportunity to secure a future using real estate as a means.

    We're better off putting our money in jars and burying it on the land that will probably be taken away from many of us in the years ahead. The county commissioners and the state legislature should hammer builders and developers to foot the bill 100% for schools and make them pay more impact fees over the next decade. Then we can take a vote and see where we are at that time as to whether they get a reduction at that point. But for now look at where we are,

    Toast!

  • amyc74 Nov 23, 2010

    "How's that Hope and Change working out for y'all??
    Keepin_it_real_in_NC"

    Amen Keepin... LOL

  • Keepin_it_real_in_NC Nov 23, 2010

    How's that Hope and Change working out for y'all??

  • amyc74 Nov 23, 2010

    Realtors do set prices with the homeowners. I will say that current ACTIVE listings are running 10 to 30% above what the "comps" are selling for. I see this day in and day out.
    cary2

    And have you not also noticed those same houses sitting there? If you are overpriced your home (unless in a high demand area) is not selling right now period. I have seen houses sitting for over a year or better but it was because they were never priced accordingly to begin with. Trust me buyers are setting prices now.

  • cary2 Nov 23, 2010

    Realtors do set prices with the homeowners. I will say that current ACTIVE listings are running 10 to 30% above what the "comps" are selling for. I see this day in and day out.

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