Home values in Triangle buck national trend

Posted November 25, 2008 2:18 p.m. EST
Updated November 25, 2008 5:41 p.m. EST

— Home buyers looking to capitalize on falling prices may have missed their best opportunity for a bargain in the Raleigh-Cary metropolitan area.

At least that’s what the latest data from the Federal Home Finance Agency show.

The number of new and existing homes sold across the Triangle fell sharply in October from September, according to the N.C. Association of Realtors. However, prices of homes were still 4 percent higher than a year earlier, the association reported.

Even as housing prices plunge nationally at record rates, home values in Raleigh and Cary actually increased by 0.41 percent in the third quarter, the FHFA said Tuesday.

As minuscule as the gain may be, it was far better than the average 1.8 percent decline nationally.

Home prices also dipped in the Durham and Fayetteville metro areas, with Durham-area prices falling 1.59 percent and Fayetteville values dipping 0.67 percent.

Over the past year, however, each of the three metros reported positive gains in prices: Raleigh by 3.84 percent, Durham by 1.53 percent and Fayetteville by 1.39 percent.

Across North Carolina, prices are up 1.99 percent over the past year compared with a 4 percent decline nationally.

The FHFA’s data is based on home sales, appraisals and refinancings.

Home sales in the Triangle – including Raleigh, Cary and Durham – dipped to 1,397 in October from 1,736 in September, the Realtors said.

The average sale price of $248,693 was 4 percent higher than a year earlier.

Sales in Fayetteville dropped 7 percent in October from September.