Existing home sales down in the Triad
The number of existing, single-family homes sold in the Triad dropped 18 percent in the second quarter from the same period in 2007. The latest figure was up 0.2 percent from the first quarter of this year.
Home sales totaled 2,271 in the second quarter of 2008, after adjustment for seasonal variation, according to the Greensboro Regional Realtors Association.
At the end of the quarter, the inventory of homes on the market was 9,408, or 3.4 times the
number of homes sold in the second quarter.
The price of the average home sold in the second quarter was off 0.7 percent from the previous quarter. The average quality-adjusted price of an existing home in the Triad was $176,704. The average this quarter was down 3.8 percent from the average recorded in the second quarter of last year.
Over the past year, consumer prices nationally have risen 3.8 percent, indicating that real home prices in the Triad have declined.
Nationally, the pace of existing home sales has fallen 15.2 percent over the past 12 months.
