Tag Archives: Raleigh NC

Has the Triangle’s housing market plateaued?

The triangle has enjoyed years of growing home sales and new home construction, but third quarter numbers from a real estate data company provide further evidence that those trends could be slowing.

While the number of new homes that sold from August to October continued to surpass last year, new home construction, also known as home starts, was flat, according to Metrostudy.   “The word of the day is ‘plateau,’” says Amanda Hoyle, Metrostudy’s Raleigh-Durham director.

The report adds to the evidence that the third quarter was a rough stretch for the Triangle housing market. Last month, a report from appraiser Stacey Anfindsen found that the number of homes listed on the market and the number of pending home sales actually dropped in the third quarter.

The reports differ because Metrostudy only looks at new homes, while Anfindsen includes sales of existing homes in his data. But combined, the third quarter numbers paint a picture of a housing market that could be showing the first signs of a slowdown that has taken hold in other parts of the country.

Housing analysts in the Triangle are quick to point out that Hurricane Florence disrupted the homebuying market for more than a week in September, likely contributing to the lower sales volume.

But the rising cost of homes, coupled with standard 30-year mortgage interest rates approaching 5 percent, could be dampening buyer enthusiasm, according to some analysts and homebuilders.

“Our third quarter was quite a bit off,” says Brant Chesson, president of Homes by Dickerson. “Even the buyers we are seeing, they are very reluctant buyers and it takes them a lot to get them over the finish line.” That has translated to buyers being more aggressive in negotiations and, in some cases, people backing out of contracts. That’s not something you usually see.

Rising prices also make it less likely for people to consider moving, because there is no guarantee that a homeowner will be able to cash out of an existing home and get a larger, nicer or better-located home by spending a little more. “There are just not good choices for people to move up,” Chesson says. “I think this pricing pressure has caught up with [the Triangle].”

To make up for potential losses, Hoyle expects homebuilders to start offering more incentives to prospective buyers, such as lower closing costs. Builders may also put more effort toward building at lower prices, but that has been a difficult task in the face of rising land costs and labor prices, builders and analysts say.

But the news isn’t all gloomy. New home closings, excluding resales, were still up nearly 12 percent in the third quarter, and job reports continue to be strong, Hoyle says. And builders continued to be attracted to the Triangle market.

By , Triangle Business Journal

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WRAL plans downtown Winter Wonderland to follow this year’s Christmas Parade

WRAL wants those venturing downtown for the Raleigh Christmas parade on Nov. 17 to stick around after it ends and enjoy a little winter magic.

The Capitol Broadcasting Company-owned station announced on Sunday that it will hold a free WRAL Winter Wonderland at the entrance of Saint Mary’s School. It will start as soon the parade ends, which could be as early as 11 or 11:30 a.m. for those at the beginning of the route, and will go until 1:30 p.m.

The Winter Wonderland will have fake snowsledding, photos with Santa, an inflatable obstacle course and bounce house, holiday music courtesy of Mix 101.5 and food trucks (Chick-N-QueStuft and Not Just Icing).

Matt Iseman, host of NBC’s “American Ninja Warrior” show will be there with giveaways and signing autographs. WRAL news and weather personalities will also be present.

Plus, the first 250 people will get a commemorative WRAL Winter Wonderland holiday ornament.

All of this takes place near the intersection of Hillsborough Street and Saint Mary’s Street.

Come join in on the fun!

BY BROOKE CAIN, news & observer

Raleigh, Charlotte among top 15 millennial boomtowns

The Triangle has become one of the go-to places for people looking to improve their lives, whether it be because of ample job opportunity, ability to raise a family or home affordability, people are flocking in search of prosperity.

MagnifyMoney recently released its list of America’s top boomtowns, with Raleigh, Charlotte and Durham breaking the top 20. The study ranked cities based on industry growth, population and housing changes, and workforce opportunities.

As a follow-up study, the financial product comparison site released another list, ranking the biggest boomtowns for millennials using those same metrics.

Although North Carolina had less of a presence on the list, two cities in the Tar Heel State broke the top 15.

Raleigh came in sixth on the list, receiving a total score of 69.8 out of a possible 100, and Charlotte ranked 12th, with a total score of 56.3.

From 2011-2016, the five-year period for the study, Raleigh’s millennial population increased by 12.7 percent. The City of Oaks’ millennial workforce grew by 23.6 percent to 151,298 workers, the fourth largest increase in the country during the period. Raleigh’s unemployment rate fell from 10 percent to 6.1 percent, a 39 percent decrease, while the median annual salary rose 22.7 percent to $31,235.
Also, A recent study indicates that North Carolina is one of the go-to states to try and achieve the American dream. Raleigh – 3rd, Charlotte – 13th, and Durham – 16th, are among the top 100 boomtowns in America, according to Magnify Money, and some of the most attractive places for businesses and workers.
It’s no surprise that people are flocking to North Carolina’s capital. Raleigh is consistently touted as one of the best places for jobsbusinesses and to live.
By , Triangle Business Journal