It has never been less affordable to buy a house in the Triangle. A new report from Triangle MLS shows the median home price across the area.. reached nearly $395,000 in March.
MAKE INFLATION WORSE. GERALD WRO STILL FISHER FOLLOWING THE PRESIDENT IN GREENSBOROUGH. JOE, THANK YOU. >> WELL, IT HAS NEVER BEEN LESS AFFORDABLE TO BUY A HOUSE IN THE TRIANGLE. A NEW REPORT FROM TRIANGLE AND THE LESS SHOWS THE MEDIAN HOME PRICE ACROSS THE AREA REACH NEARLY $395,000 IN MARCH. THAT’S AN INCREASE OF MORE THAN $20,000 IN JUST A MONTH. AND UP 24% FROM A YEAR AGO. WRAL IS MATT TALHELM IS LIVE IN RALEIGH TO EXPLAIN WHAT THIS MEANS. IF YOU’RE TRYING TO BUY A HOME RIGHT NOW, MATT. >> YEAH, IT IS TOUGH TO BREATHE. THAT AMOUNTS TO A $77,000 INCREASE IN ONE YEAR ACROSS THE WHOLE REGION HERE IN WAKE COUNTY, IT’S EVEN WORSE. IT WENT UP $90,000 IN A YEAR FOR THE MEDIAN PRICE OF A HOME. THAT’S MORE THAN THE AVERAGE ANNUAL INCOME FOR A HOUSEHOLD HERE. FOR SALE. SIGNS ARE COMING INTO FULL BLOOM IN WHAT’S TYPICALLY THE BUSIEST SEASON FOR HOME BUYING IN THE TRIANGLE. AND RIGHT NOW IS THE SPRING MARKET REALTOR, JOHN MCBRIDE SAYS RISING PRICES ARE BURNING. SOME BUYERS OUT OF THE HOT HOUSING I’VE HAD CLIENTS BUT OFFERS ON 12 TO 20 DIFFERENT HOMES. AND AT SOME POINT, THEIR OFFER DOESN’T EXPECT EXCEPT IT. >> THEY JUST GIVE UP THE MEDIAN HOME. PRICE IN THE TRIANGLE IS CLIMBING CLOSER TO $400,000. DURHAM COUNTY TOPPED THAT IN THE LAST MONTH JOINING ITS NEIGHBORS IN ORANGE AND WAKE COUNTY WITH MEDIAN PRICE IS ABOVE THAT MARK. UNLESS YOU’VE GOT PLENTY OF MONEY AND >> DEEP POCKETS, IT DOES IT’S JUST DIFFICULT. THE AFFORDABILITY INDEX SHOWS THAT IT MEASURES HOW A MEDIAN HOUSEHOLD INCOME CAN AFFORD A MEDIAN PRICED HOME AND INDEX OF 100 MEANS THE MEDIAN HOUSEHOLD INCOME IS 100% OF WHAT IT TAKES TO BUY A MEDIAN PRICED HOME. CONSIDERING CURRENT MORTGAGE RATES. >> THAT NUMBER DROPPED TO A NEW RECORD LOW OF 82 IN MARCH. IT’S THE 3RD MONTH IN A ROW OF FALLING AFFORDABILITY IN THE TRIANGLE THAT THE PRICES ARE YOU REALLY CAN’T. PREDICT WHAT’S GOING TO HAPPEN NEXT, BUT IT’S DEFINITELY A TREND. HOUSES ARE JUST A LOT LESS ACCESSIBLE TO AN AVERAGE PERSON. RISING MORTGAGE INTEREST RATES ARE PUTTING MORE PRESSURE ON THAT AVERAGE BUYER. BUT MCBRIDE DOESN’T TO SEE THE TRIANGLE’S HOUSING MARKET SLOWING DOWN. THERE’S JUST NOT ENOUGH INVENTORY TO QUELL THE DEMAND FOR HOUSING. SO IT’S HARD TO SAY THAT WE’RE GOING TO SEE A BUBBLE. >> AT LEAST BASED ON THE DATA WE’RE SEEING TODAY. >> YEAH. AND HOMES ARE STILL SELLING. 3700 DEALS CLOSED LAST MONTH ARE SELLING QUICKLY. WAKE COUNTY’S AVERAGE DAYS ON MARKET FOR A HOME IN MARCH WHERE JUST 9 DAYS. AND THAT IS VERY FAST. I TALKED TO SEVERAL REALTORS TODAY AND ALL OF THEM SAID THE SAME THING THAT PEOPLE WHO DO HAVE THE MONEY TO BUY ARE STILL BUYING. DEBORAH, STILL A VERY DESIRABLE PLACE TO
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