Raleigh Residential Real Estate – Home Sales are down! The sky is falling, the sky is falling!! Durham, Johnson, Orange and Wake County the number of new homes sold fell 25.4% in September 2007.

Raleigh Residential Real Estate – Home Sales are down! The sky is falling, the sky is falling!! Durham, Johnson, Orange and Wake County the number of new homes sold fell 25.4% in September 2007.

I fully expect that you might see something similar to the above headline in the News and Observer (if it hasn’t been there already). Today’s N&O had an article titled, “Housing construction dips to lowest level in 14 years”.

The California Building Industry Association reported that new-home sales statewide dropped 44.7 percent in August compared to the same month last year.

So there is no doubt that some areas of the country are hurting. But there is another perspective that should be presented.

What is not being reported in most of the media is that there are areas of the country that are doing relatively well. The Triangle, NC area is one of them. Our market is began in July to show signs of a market shift from a seller’s to a buyers market, but there is about 20% of our market where there is still an undersupply of homes in certain price points.

I have just posted new home sales data and a Real Estate Market Update on the Poling Team website. Take a look:  Raleigh, NC Real Estate Market Update

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