Triangle Business Today

Existing home sales drop

Posted April 19, 2012 4:49 p.m. EDT

Existing home sales across the nation dropped by 2.6 percent in March according to the National Association of Realtors.

Inventory levels here in the Triangle however seem to be shrinking, perhaps finally shifting the market focus from one of a buyers’ market, to one of a sellers’ market. With new home inventories sitting at 13-year lows in the Triangle, and with competing offers beginning to trend upwards again, it seems as though the Triangle is doing its job of leading the nation back to housing stability and prosperity.

The index of housing affordability reached a record level of 206.1 this month according to NAR, which is good news for those currently in search of a new home.

Jobless claims came in at 386,000 for the week. A drop of only 2,000 from last week’s number, and a figure much higher than many economists were expecting. Bond prices rose immediately on this report, sending the 10-Year yield down to 1.96. Mortgage rates have been helped slightly with this news as well.

About this Blog:

Jeremy Salemson, CEO of Corporate Investors Mortgage Group, blogs about economic trends and data and their impact on Triangle business. Each week, he interviews a Triangle-area business leader for a personal look at the local economy.