 Even in this recession, Raleigh is a growing city and the new home market is important to our economy. Following are a few notes about the current state of our new home market: 1st quarter 2011 compared to 1st quarter 2010: New home inventory is down 18% According to an article from the Triangle Business Journal, Raleigh added 8,000 jobs over the past year. The Raleigh area added 8,000 jobs during the past year, good enough to place the larger of the two Triangle metros among the top 25 nationally in jobs created. Read more: Raleigh area gains 8,000 jobs, 24th best among 372 U.S. [...] “Remember that any forecast of future interest rates, including the market’s forecast as reflected in the shape of the yield curve, is often wrong, but an idea of where interest rates are headed is better than making a blind decision.” How Interest Rates Affect The Housing Market. Housing recovery will be tied to jobs. There [...] Raleigh has weathered the housing storm better than many parts of the country, but we are not out of the woods just yet. I am encouraged seeing areas that I serve improve as bank owned properties continue to sell. I even bragged about some of the bargains in outlying areas writing What is urban sprawl worth [...] I recently posted a story called Where is housing headed where I discussed an article from CNN. I read a great article from the Metrostudy blog this morning that is worth of our attention. Referring to a recent study that housing start numbers are showing growth: Where did this increase in housing production come from? Was it “stimulated” by the [...] If you just read the headline, you are being short changed. Building permits surged to an adjusted 672,000 in March but fell way below expectations in April. [...] It’s always darkest before the dawn and my impression is that right now it’s pretty dark. What does this mean to home buyers and sellers in Raleigh? [...] The Home Buyer Tax Credit has worked, but how well and at what cost? Will the final judgment be worth it after the home buyers get their checks and begin spending their credit? [...] Raleigh-Cary Unemployment in January 2010 was 9.5% vs. the state of NC that was 11.1%. How does unemployment affect home sales? [...] The real estate market and the job market are lagging economic indicators. When hiring picks up, so will home sales. [...] |
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