Triad home prices drop in 2nd quarter
GREENSBORO - Average home prices in the Triad declined slightly from the first to second quarters of 2008.
The average price of an existing home in the region was $176,704, down 0.7 percent from the previous quarter, according to statistics released Wednesday by the Greater Greensboro Realtors Association. Home prices are down 3.8 percent compared to the same period last year.
The number of existing, single-family homes sold in the Triad from April to June saw a slight uptick compared to the first quarter, but it was still a double-digit percentage drop compared to last year. More than 2,270 homes were sold in the second quarter. That's up 0.2 percent compared to the first quarter but down 18 percent compared to the same time frame a year ago.
Ann Buffington, the president of the Greensboro Regional Realtors Association, said the data shows the Triad market is not suffering nearly as much as other parts of the country. But the overall U.S. economy is coloring how local sellers view their likelihood of success.
"The fact that there are currently fewer homes on the market show that sellers are concerned about the national environment," she said. "Some sellers are waiting longer and are offering more discounts for their homes."
At the current sales pace, it would take more than 10 months to clear the 9,408 homes in the Triad's housing inventory as of the end of the second quarter.
Homes are also staying on the market longer, with "for sale" signs posted an average of 107 days before selling.
Contact Lanita Withers at 373-7071 or lanita.withers@news-record.com