What is Happening to Our Triangle Real Estate Market?

Most of us by now have continued to see or hear the reports about the decline in the Real Estate Market.  What everyone must remember is that real estate is very local.  Different areas are affected differently.  In general, our market has noticed a trickle down effect.  Many deals for new and resale homes have not closed because people from other areas have not been able to sell their homes in order to move to the Triangle.  In addition, those home buyers with questionable credit have not been able to buy because of tightening requirements from the lenders.  The decrease in total # of sales has not, at this point, affected the average pricing of the homes.  Prices have continued to rise but it has slowed down and the "days on market" has increased, meaning it takes longer to sell your home.  In an article in today's Herald Sun, "Housing Market Cools Down", by Monica Chen, it highlights these points.  It also hints that it might we may be at the beginning of a shifting market in the Triangle.  Only time will tell.