Triangle housing prices buck national trend

Posted June 7, 2011

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— Despite the home prices nationally, real estate experts say, on average, the selling price for homes in the Triangle has increased during the last year.

“We’re in a better place than a majority of the country, and we should be thankful for that,” said Stacey Anfindsen, president-elect of the Raleigh Regional Association of Realtors

Experts say the big reason why the average selling price in the Triangle has gone up is that more high-end homes are being sold.

Whatever the reason, Chuck Chandler's just glad selling his Apex home was easy. He and his wife asked $405,000 for their home and ended up selling it for $390,000.

“We still have people coming into the Triangle and, as long as you have that, then you have a good chance to sell your home,” Chandler said.

Days after Chandler accepted the offer, another bid came in for even more money. He and his wife say they're moving to a smaller condominium across town.

Nationally, home prices fell from February to March in 18 of the metro areas tracked by the Standard & Poor's/Case-Shiller 20-city index. And prices in a dozen markets have reached their lowest points since the housing bubble burst in late 2006.

The nationwide index fell for the eighth straight month. Prices have now fallen further since the bubble burst than they did during the Great Depression. It took 19 years for the housing market to regain its losses after the Depression ended.

Prices rose last summer, fueled by a temporary federal home-buying tax credit. But they've plunged since then. Last month's report marked a "double dip in home prices across much of the nation," said David Blitzer, chairman of the Index Committee at Standard & Poor's.

Triangle housing prices buck national trend Triangle housing prices buck national trend

After adjusting for inflation, the home-price index has sunk to a level not seen since 1999.

Many economists think prices nationally will drop at least 5 percent more by year's end. They aren't likely to stop falling until the glut of foreclosures for sale is reduced, employers start hiring in greater force, banks ease lending rules and would-be buyers regain confidence that a home purchase is a wise investment, according to experts.


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  • veyor Jun 8, 2011

    "banks ease lending rules" no, until the federal regulators ease lending rules.

  • Jeff_W Jun 8, 2011

    The key in this article is... "Experts say the big reason why the average selling price in the Triangle has gone up is that more high-end homes are being sold."

    The average sales price has absolute NOTHING to due with home values. High end homes may be moving, but if you sold a 'high end' home for $600K when it used to worth $850K, that house still lost value (money).

    The only difference I can guess to attribute, is that many times, a extremely wealthy person can SOMETIMES afford to take a loss that those in the middle income levels cannot. Therefore, more of those high-end homes are able to sell (but still at a loss).

  • howdiditgettothis Jun 8, 2011

    This article is misleading.

    We sold our home in 13 hours (after living in it for 11 years) for 25% more than we paid for it.

    This sounds like we made a good profit.

    Until you get the big picture.

    The "appraised value" (tax value given by Wake County) was 300% more than our selling price.

    To avoid a long process, our agent showed us the final selling prices for similar homes in our area. Again -- these homes were priced/sold at a MUCH lower 'tax' value than was given.

    Bottom line -- These property "appraisal values" are nothing more than a way to raise revenue for the county/state. If it seems unbelievable that your property is "worth" so much -- then it is likely isn't.

    Another interesting tidbit - our agent told us the homes over 600K were still moving at a good pace. The "slow down" were in the homes in the 350 and less range.

    So - what does that tell you about who's' buying? Tells me it's overpaid corporate exec types..........

  • rlwieland Jun 8, 2011

    I am a full time Realtor in Raleigh, have been for 12 years. This story is a complete false representation of whats really going on in the market. I am dealing with sellers everyday for the most part loosing big time. If they bought 2004 and after, need to sale now, its not a matter of how much their loosing, but how much they can afford to loose, thus short sales. etc. Not a very well researched news story.

  • Bring on the 4 Dollar Gas Jun 7, 2011

    Absolute lie Beau. You need to go re-ask the questions and print the real answers.

  • sctech Jun 7, 2011

    This article is a total fabrication of the truth. I just sold my house a month ago and purchased same in 2008. The appraisal went down $14k in that two years.

  • imtiredofit Jun 7, 2011

    Not buying any of this story, all the speakers are realtors and I trust their word as much as I trust new and used car salesmen. You can tell they are lying- their lips are moving.

  • corey3rd Jun 7, 2011

    Three years ago a townhouse in my area would sell in a month or less. We've got five units on the market right now and we rarely see people using the lock box. I keep seeing houses coming down in prices as they sit on the MLS. I won't disagree with the people who have sold their house in less than a week, but if you don't get that nibble right after the sign goes in your yard - it's a long haul.

  • mmtlash Jun 7, 2011

    I know this is a bit unrelated but I'm noticing that apt/home rental rates are increasing as well....which isn't all that great as pay increases in the area seem to be stagnant for alot of folks

  • Big Mike Jun 7, 2011

    My Mom's home in N.Durham sold in two days after listed last summer. My neighbor's house sold in one month. I think this story is pretty accurate.