Local News

Wake Feels House Market Woes, but Less Than U.S.

Posted April 24, 2008 11:19 p.m. EDT
Updated April 25, 2008 6:16 p.m. EDT

— Home sales have plunged to the lowest levels in 16 years, according to statistics released Thursday. But of all regions in the country, the South saw the smallest drop.

In Wake County, new homes are going up faster than buyers can scoop them up, but the market has not fallen apart.

“It’s a buyer’s market, in that there’s more inventory. That’s absolutely correct,” said Realtor Tina Barletta, of Re-Max Classic.

Barletta said the homes are selling eventually, however.

“It’s just taking longer to sell a home. We’re still getting decent pricing on homes, both in Johnston and Wake County,” Barletta said.

Nationwide, that isn’t the case. According to the U.S. Commerce Department, the median price for a new home sold in March dropped by 13.3 percent compared with last year at the same time. It is the largest year-to-year decline in nearly four decades.

Brian Oliver said he is hoping his home will buck the national trend, too.

“I don’t know if there’s ever a really good time to sell a home. You want to sell a home at an opportune time and get your money back. You don’t want to lose money, but it only takes the right person to come by to purchase your home,” he said.

Oliver said he went into selling his home with the expectation it would be a six- to eight-month process. The fact that he doesn’t have to sell or drastically lower his price will benefit his neighbors when they go to sell their homes.

“If he continues to decrease it because he has to absolutely get out of the house, yes it can have an impact,” Barletta said.

Oliver’s home is priced-competitive, similar to most homes in the area. The Triangle Multiple Listing Service says the average sales price for a home in Wake and Johnston counties has gone up since January.