Local News

Parade of Homes showcases improving Wake County market

Posted October 6, 2012
Updated October 7, 2012

— Wake County's slowly improving housing market got more good news recently, as the National Association of Home Builders predicted that home building could be back to normal by the end of 2013. 

Home construction is up 27 percent compared with this time last year, despite only 1,500 new homes being on the market in the county.

The increase in new homes is good news for builders participating in the 47th annual Parade of Homes, an event that gives buyers a chance to tour more than 200 homes on display across Raleigh and Wake County. This year's tour is focused on outdoor living spaces and multigenerational living. Only four homes are priced over $1 million. 

"It really is a phenomenal growth when you look at where the market was and where it is today," Tim Minton, with the Wake County Home Builder Association, said Saturday. "The National Home Builders predict that our market will be at 92 percent of normal market by the end of the year."

A report by Triangle Multiple Listing Service in September also provided a positive outlook for home sales in Wake, Durham, Orange and 13 other counties. According to the industry organization, sales are up, inventory is down and homes are holding on to more of their property value. 

New listings were up 7.5 percent to 3,240 in August, compared with the same month last year.

Pending sales in August were up 26.4 percent to 2,310, compared with the same month last year.

Inventory levels shrank 25.3 percent to 13,052 in that time, while the median sale price increased 3.8 percent to $192,000, according to the report.

The Parade of Homes continues Sunday, and will also run on Oct. 12-14 from noon to 5 p.m.

6 Comments

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  • JustOneGodLessThanU Oct 12, 12:20 p.m.

    Thanks, storchheim & rockman55, for making my point.

  • storchheim Oct 8, 12:59 p.m.

    I still want to know how many of these houses being built now are sold. Who's buying, with credit and jobs so shaky? Or will the builders default, the banks take back the houses, and.....oh. That's right. We bail the banks out again.

    Really no sour grapes, I just don't see the economy supporting a sudden rebound of any market that's been depressed from 2007 to date, recovering in 14 months. Esp when I keep hearing that the banks have houses they haven't even foreclosed on yet because it would skew the market (read: why work your way through the distressed properties when you know the taxpayers will have to make you whole?). Sorry, but like the jobs report, this just doesn't add up.

  • YippiYiyoKiYay Oct 8, 10:35 a.m.

    B...B...But...the Republicans are telling us that the sky is falling---
    allinfantsareatheists............Maybe because it is.

  • YippiYiyoKiYay Oct 8, 10:31 a.m.

    People with school age children should avoid Wake County like the plague. Nothing but heartache. It's not about children, it's about grown-ups playing children's games.

  • JustOneGodLessThanU Oct 8, 10:10 a.m.

    B...B...But...the Republicans are telling us that the sky is falling...there can't be *any* improvement in the economy because that would be against their (loose) grasp on reality.

  • dmccall Oct 8, 9:38 a.m.

    Gee, how can I learn more about this parade? (the no ext. links rule on this site just doesn't work!)