Existing-Home Sales Rise in April

Raleigh 10th on 2009 Best Cities list

Triangle home sales dip, but positives emerge

MLS: Triangle home sales dip, but positives emerge

Triangle Business Journal - by Cameron Snipes

Correction at bottom of article

The number of Triangle homes sold in April was down year over year, but new data from the Triangle Multiple Listing Service show a couple of welcome trends.

First, while the 1,623 homes sold last month represented a 30 percent drop from the 2,324 sold in April 2008, it is the highest monthly total posted in six months.

Even better, the number of houses on the market represented a 7.5 month supply, down almost half from a high of 14.9 months in November. April 2008 featured a 6.9 month supply.

The median price for houses sold in April dipped 4 percent, to $177,600, from $184,922 in the same month last year. While a negative number, it’s still much better than the double-digit declines seen across much of the U.S.

The MLS figures, which are supplied residential real estate analyst Stacey Anfindsen, cover the Raleigh-Cary and Durham metropolitan areas. The numbers also are broken down by county.

• In Wake County, the number of homes sold dropped 35 percent, to 862. The inventory for sale represented a 7.3-month supply, up from 6.3 a year ago. The median price fell 2.5 percent, to $195,000.

• In Durham County, the number of homes sold slipped 20 percent, to 245. The inventory for sale represented a 4.9-month supply, down from 5.2 a year ago. The median price rose 3 percent to $170,000.

• In Orange County, the number of homes sold plunged 48 percent, to 57. The inventory for sale represented a 6.5-month supply, up from 5.9 a year ago. The median price fell 11 percent to $258,000.

• In Johnston County, the number of homes sold dips 22 percent, to 173. The inventory for sale represented a 8.9-month supply, up from 8.1 a year ago. The median price fell 5.6 percent, to $150,100.

Reporter-email: csnipes@bizjournals.com

Correction:
Due to an editing error, an earlier version of this story incorrectly stated Stacey Anfindsen's company affiliation.

Tax Credit Can Be Used for Down Payment

North Carolina Association of Realtors: Good sign for home sales in March

Triangle Business Journal - by Amanda Jones Hoyle

Home sales in the Triangle during March showed the first real signs of a real-estate recovery in nine months, with a 60 percent increase in units sold compared to the previous month.

Year-over-year home sales in the Triangle were still down by 31 percent in March with 1,530 new and existing homes sold compared to 2,217 units sold in March 2008. But the rate of decline has slowed, according to statistics compiled by the North Carolina Association of Realtors.

Statewide, existing home sales improved in March, with a 30 percent increase in units sold compared to the previous month. Year-over-year homes sales in North Carolina in March were down by 29 percent, to 14,752 homes sold.

Total dollar sales for the month in the Triangle came to $349 million, which was down by 33 percent from the year prior. The average home sold for $228,297, which was down by 3 percent from the year prior.

Statewide, total dollar sales for the month were $1.18 billion, down by 34 percent from the year prior.

First-time buyers benefit from housing slump

Mortgage rates rise as outlook brightens

Friday, May 8, 2009

Freddie Mac: Mortgage rates rise as outlook brightens

Triangle Business Journal

Mortgage rates remain near historic lows, but rates ticked up a bit this week, a move Freddie Mac links to the improving outlook for the U.S. economy.

The average rate on a 30-year fixed-rate mortgage rose to 4.84 percent this week, up from last week's 4.78 percent, which tied for the lowest rate for a 30-year mortgage since Freddie Mac started keeping track in 1971. A year ago, 30 year fixed-rate mortgages averaged 6.05 percent.

A one-year, adjustable-rate mortgage rose a fraction to an average 4.78 percent.

"Mortgage rates rose slightly this week amid positive economic news that the economy may be approaching the bottom of the recession, says Freddie Mac (NYSE: FRE) chief economist Frank Nothaft. "In terms of the household sector, the final April estimate of consumer sentiment, as measured by the University of Michigan, was revised above the market consensus."

Federal Reserve Board chairman Ben Bernanke testified on Capitol Hill this week that the Fed believes economic activity will begin to recover later this year. Benanke also said the Fed sees signs the housing market is stablizing.

Those signs include a report this week from the National Association of Realtors that pending sales of existing homes rose in March after rising in February, the first back-to-back increase in pending home sales in a year.

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