Thursday, December 27, 2007

Triangle Housing Bucks National Trend

As of the third quarter, the home prices in the Triangle were up over 7% from the previous year. The final tally for 2007 in the region is expected to be a price rise of at least 5% year over year. While the housing rise has cooled in the most recent quarter, the Triangle area has matched the trend of neighboring Charlotte in bucking the nationwide real estate price drop.

A recent Fortune magazine article predicted that the RTP area housing prices will likely drop 14.7% over the next five years based on rent to price ratios. However there is an expectation that the large number of people moving to the region to take advantage of the strong job market will buoy the local housing picture. Many real estate specialists are expecting 2008 to be flat in the Triangle, but this is still a much better outlook than most metro areas in the nation that are expecting significant drops in the year ahead.

Prices holding up in Triangle