March 2008 Raleigh NC Market Trends Report
Little change is expected in Wake County NC real estate sales of existing homes over the next few months, before notably improving during the second half of the year, according to the latest forecast by the National Association of Realtors. Lawrence Yun, NAR Chief Economist, said the market will come into clearer focus this summer. “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”
Let’s take a look at the Wake County real estate market activity for this March to see how the spring is looking so far:
Inventory again increased by 25% this March in Wake County, compared with March 2007. Sales for the month were down 29%, while year-to-date sales dropped 12% from the same time last year. The average sales price increased a modest 2% to $259,301.
|
Raleigh |
Active |
Sold |
Average |
Year-to-Date |
|
March 2008 |
9,058 |
1,245 |
$259,301 |
19,852 |
|
March 2007 |
6,928 |
1,763 |
$255,238 |
22,543 |
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