2nd Qtr Existing Home Sales Off 18% Compared to 2007

Posted on August 6, 2008 
Filed Under News, Real Estate

The number of existing homes sold in the Triad fell 18 percent in the second quarter, to 2,271, compared with the 2,769 sold the in the same quarter of 2007

According to the Triad Housing Report released Wednesday by the Greensboro Regional Realtors Association, the quality adjusted average price declined 3.8 percent, to $176,704. Inventory, however, nudged up just 0.5 percent, leaving the area with 9,408 homes on the market, which, according to the report, would take about 10.2 months to exhaust.

The average time on the market increased 4 percent from the second quarter of last year.

High Point saw similar existing home sales numbers, which dropped 18.3 percent, to 366, compared with second quarter 2007, according to the High Point Housing report, also released by the Greensboro Regional Realtors Association.

The adjusted average price declined 5.8 percent, to $154,053.

While the average time on the market was up 11.6 percent, to 108.3 days, the inventory dropped 5.3 percent, to 1,416.

In Forsyth County, existing home sales were off almost 19.8 percent, to 713, from second quarter 2007, according to the Forsyth County Housing Report. Adjusted average prices also dropped, by 3.4 percent, to $194,172.

Time on the market decreased slightly, at 1.8 percent, to 102.7 days, while inventory of homes was up almost 4 percent, to 2,905.

(source: The Business Journal of the Greater Triad Area)

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