Business

Triangle existing home values up 4 percent, sales volume falls 40 percent

Posted November 23, 2010 11:01 a.m. EST
Updated November 23, 2010 11:29 a.m. EST

— Good news for home owners in the Triangle: Your property is probably worth more.

But there’s a big caveat – Can you find a buyer?

Existing home sale prices increased 4 percent from a year ago to $230,500 in October, according to the Triangle Multiple Listing Service.

However, the number of closings fell sharply by 40 percent to 1,067 in October. The TMLS noted that home buyers could receive thousands of dollars in tax credits last year that are no longer available.

The TMLS covers Durham, Orange, Wake and Johnston Counties.

Even as the number of sales slowed, the housing inventory surged with 13,135 new and previously owned properties on the market. That total is up from 9 percent a year ago.

The number of new home listings fell to 2,475, a drop of 9 percent.

Nationally, sales of previously owned homes also slipped slightly.

The National Association of Realtors says that sales of previously owned homes dipped 2.2 percent last month to a seasonally adjusted annual rate of 4.43 million units.

The median price for a home sold in October was $170,500, down 0.9 percent from a year ago, as prices continue to be depressed by weak sales conditions and a huge overhang of unsold homes.

Sales had plunged to the slowest pace in 15 years in July and then posted gains in August and September before slipping back in October. Sales in October were 38.9 percent below their peak of 7.25 million units set in September 2005 during the height of the housing boom.