Weakening perhaps but still healthy.
Periodically we should study statistics. I’ll try to visit statistics on at least a monthly basis. More often takes the fun out of it.
Right or wrong, much of yesterday’s stock market sell-off was attributed to bad economic reports on the nation’s housing market. Interestingly, stock market analysts can always find a reason for what the market just did. They are less proficient at telling us what the market is going to do.
So, it seems a good time to take another look at Raleigh stats.
Here are updated graphs for 4 central Raleigh areas.
In the local real estate world, these are known as Area 1 – Inside the Beltline, Area 2 – North Raleigh, Area 3 – SE Raleigh, and Area 4 – NC State or SW Raleigh. Effective next month these 4 areas have been renamed by TMLS. They will all be referred to as simply “Raleigh”.
I’ve added a new graph this month – Number of Showings.
Average Home Price:
Less of a downward trend than seen in the graph above. SE and SW Raleigh seem to be holding their own. Inside the Beltline and North Raleigh indicate a fall in average price. It should be noted that there were a couple of abnormally expensive homes sold Inside the Beltline during May and July which skewed the stats a bit.
Though these statistics may indicate a chink in the Raleigh armor, it’s important to remember that these are short term stats. I still see plenty of activity. Raleigh remains one of the healthiest markets in the country.