Market performance in Durham NC is on the upward track! Unemployment rates are down to 3.7% from 4.1% in February 2006, national mortgage interests rates are down slightly from February 2006 and average home appreciation for re-sales within the last 18 months in Durham County is 4.34% APR.
With an increase in the number of homes on the market, we currently are experiencing a 7 month supply. This translates to homes being on the market a little longer as the pendulum swings slightly in favor of the buyer.
Where are people buying? Among the top sellers during the first quarter of 2007 are Woodcroft 5.11% appreciation, Hope Valley Farms 3.73% appreciation, Chancellors Ridge 6% appreciation and Woodlake 4.66% appreciation.
According to the Money section of USA Today, dated May 15, 2007, the median home price in the US from 1st Qtr 2006 to 1st Qtr 2007 is down 1.8% while the median home price in Durham, NC is up 8.8%