Raleigh Housing Market Update

Why am I bearish on the housing market in Raleigh and Wake County, NC? The following are the total number of homes sold in Wake County for all of 2009 by price range (price range is in thousands) and the total number of homes currently on the market by price range.

As I've said, there was a large shift toward building expensive homes from 2004 up through 2008. There aren't enough people who can afford the expensive homes currently on the market.

Price  Range	2009	On         Market
0-100k	1471	418
100-200k	7141	2410
200-300k	4059	1875
300-400k	2033	1164
400-500k	794	619
500-700k	650	609
700-1000k	255	305
>1000k	77	203

UPDATED: AS OF 1/26/10 with December figures included.

Comments

[Jeff Green]

Thank you for posting the housing market update in Raleigh.
This is a good reference.