Even though there was a decrease in the volume of sales, the prices increased in the 3rd quarter 1.4% over the 2nd quarter in the Raleigh/Cary MSA (metropolitan statistical area) and 2.3% in the Durham MSA according to the Office of Federal Housing Enterprise Oversight. These statistics place the 2 MSA’s in the top 10% of the nation for price growth.
Year to date prices have increased 7.2% in Raleigh/Cary and 7.8% in Durham. These statistics reflect the fact that the Triangle never saw the huge rise in housing prices seen elsewhere in the country. In fact, OFHEO said in its news release Thursday, many of the areas where home prices are dropping are areas where they were skyrocketing just a year ago - suggesting that much of the drop seen nationwide is due to local markets correcting themselves.
This should dispel the idea of home buyers that they can get a “good deal” in the Triangle area with tremendous price reductions. Triangle Home Buyers tend to listen to the national news reports and not realize that the national crisis does not apply here.
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