Housing Bubble
N.C. existing home sales grow but prices flat
GREENSBORO, NC — Sales of existing homes in North Carolina continued their upward trend in March, contributing to a healthy increase for the first quarter of 2003. According to statistics compiled by the North Carolina Association of REALTORS®, 6,647 residential units were sold last month, an increase of 16 percent over February’s sales and 9 percent higher than sales posted in March 2002. Total sales dollars for the month were $1,171,000,947 and the average existing home sales price was $176,170.
First quarter existing home sales were 7 percent higher than those posted during the same time period a year ago. On an adjusted basis, 17,466 units were sold during the first quarter of 2003, compared to 16,276 units sold during the first quarter of 2002. While sales were up, the average sales price showed a slight downward trend for the quarter, decreasing 1 percent from $175,407 in 2002 to $173,548.
Areas of the state with stronger-than-average sales growth during the first quarter of 2003 include Brunswick County, Goldsboro, Asheville, Greenville, Catawba Valley and the Triad. Even though sales prices were down on the average across the state, half of the reporting multiple listing services showed positive price appreciation.
Source: North Carolina Association of REALTORS®
