New home construction in the Triangle area and across the country was hit hard last month. According to the U.S. Department of Housing and Urban Development , new home sales dropped to an annual rate of 250,000 in February, which is the lowest number seen since they started tracking figures in 1963. The decrease in sales has also contributed to the price drop in the median price of a new home. Last month the median price of a new home was $202,000, which was the lowest number seen since 2003. Analysts are predicting that if the new home construction industry remains sluggish, smaller contractors may go under leaving less competition.
Many builders are unfazed by these reports and feel that there is too much attention paid to large monthly drops or gains in the new housing market. The National Association of Realtors spokesman Walter Molony said the data “is based on a thin sample of contracts and takes four months to establish a trend.” The Triangle area actually saw a jump in new home sales at the end of 2010 and ended the year with an annual rate of 329,000. It is easy to see how these numbers can easily vary on a month to month basis.
If you are looking to buy or sell a home in the Triangle area, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are a lot of questions about how the short sale process works and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answer and would love to sit down for a confidential review of your options.
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