Raleigh-Cary Is Worst Housing Market This Year
North Carolina’s Raleigh-Cary metro area was the worst-hit housing market, tanking 16.1 percent, even as prices grew 7.60 percent in the third quarter in most markets across the country, according to a report in 24/7 Wall Street.
The business news site, which used data from Realtor.com and the National Association of Realtors to study housing prices, said median home prices in the state’s key metro region declined to $188,200 – from $224,300 in 2011 – even though unemployment fell from 9 percent to 7.8 percent.
“The recent plunging median home price is a correction from 2011, when home values in the Raleigh area appreciated by 7% — better than any other housing market in the country,” the report said. In fact, Builder Magazine in 2011 named the Raleigh housing market the healthiest of the largest 100 metropolitan areas, it added.
In ten of the largest U.S. metropolitan areas, prices fell by 3 percent or more in the past 12 months. Other markets that suffered declines included York-Hanover, Pa.; Binghamton and Kingston, N.Y.; Tallahassee, Fla.; Atlantic City, N.J.; New Haven-Milford, Conn.; and Newark-Union, N.J.-Penn.
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