N.C. Among Nation's Booming Housing Markets

Raleigh, N.C. — North Carolina saw the fifth-largest increase in new home construction nationwide in the past six years, according to census estimates released Wednesday.

The state added 506,625 houses, townhouses and apartments between 2000 and July 2006, the U.S. Census Bureau reported.

North Carolina trailed only Florida, Texas, California and Georgia in terms of new housing units during that period.

Mecklenburg County built the most housing in North Carolina during the period, with 77,125 units. Wake County was second, with 66,660 units.

But Union County had the fastest-growing housing market, adding 39.3 percent to its housing inventory during the past six years. That growth rate ranked 21st nationally, according to the Census Bureau.

Brunswick County's housing grew by 34.2 percent, which ranked 41st nationally, while Currituck County placed 90th nationally with a 26.9 percent growth in housing units.

Mecklenburg's 26.3 percent growth was 92nd nationally, while Wake's 25.7 percent growth wasn't in the Top 100 growth markets, according to the Census Bureau.

Jones County placed last statewide, with 47 housing units added in the past six years.

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"The state added 506,625 houses, townhouses and apartments between 2000 and July 2006, the U.S. Census Bureau reported...."

... all using just 3 separate floor plans, and 6 exterior colors...

obs
September 12, 2007 5:54 p.m.

"A nice 4000sqft mcmansion... the people who are coming that can "afford" to buy more are the ones ruining it for those of us that need moderately-priced, GOOD QUALITY homes that aren't out in the boonies."

I'm in total agreement. My wife and I both work and we may not pull down 6 figures this year in all liklihood, and we are both college graduates. Who can afford a 3500-4000 square foot house costing 300-400K? The houses I see going up in the Raleigh area, as well as Wilmington totally bewilder me. To me, the American dream does not exist anymore.

Hip-Shot
September 12, 2007 5:32 p.m.

Really great! Lots of houses but no water, not enough schools and traffic jams. Lack of water leads to brown yards but that is a violation of the HOA covenants. Too many people is the problem but our leaders are still trying to bring them in. The tax base is increasing dramatically but they still want to raise taxes. More people bring more demands for services that are used by small minorities but increase taxes for everybody. Quality and cost of life diminishes accordingly. Now we wait for the boomers to start selling their houses since they can't afford to retire here in their McMansions. Oops there goes the tax base. Didn't make this up. It's already been done in the northeast.

methinkthis
September 12, 2007 5:26 p.m.

**taking deep breath** hmmmm.... I smell foreclosures coming... **exhaling**

SuperNupe
September 12, 2007 5:23 p.m.

Okay. I read all the posts and haven't seen one mention of the fact that this story was talking about stats from the years 2000 to July 2006. Did no one stop to think that the data pool ends last summer? And that the market was still doing relatively well back then? You're comparing today's numbers and inventories to a story with data over a year old.

Yes, the market is slumping today. It slumped in 1994. It slumped in the 1980s when interest rates were in the 18% range to buy a home on a 30 yr note.

And don't start in on the foreclosures. That is your lending industry (and overzealous buyers) at work, not the developers. Work on predatory lending reform if that's your gig, but leave the builders out of it. Work on buyer education if you must, builders don't make people "over buy".

Inventories have built up, prices are hanging steady, but aren't tanking like they are where lenders pressured appraisers into producing value numbers based on an artificial 20%+ appreciation per year.