Triangle home sales continue to fall
Published: Thu, Nov. 20, 2008 12:45PM
Modified Thu, Nov. 20, 2008 12:59PM
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closeTriangle home sales continued to plummet in October as buyers balked at a lingering pool of sellers who held firm on ambitious prices.
There were 1,339 homes sold in Durham, Johnston, Orange and Wake counties during the month — a 37 percent decline compared to the same period a year ago, according to data from the Triangle Multiple Listing Service.
It was the lowest monthly sales total in almost four years. And the slowest October in at least seven years.
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"The psychology of buyers is extremely fragile," said Stacey P. Anfindsen of Cary-based Birch Appraisal Group, who analyzes MLS data for area brokers.
Indeed, values are still holding up in the Triangle, relative to the most bubble-busted parts of the country.
Median home prices were essentially flat at $190,000, and average prices climbed 4 percent, compared to October 2007.
But Anfindsen says prices are expected to fall further as sellers slash prices to unload a mounting backlog of homes.
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