Raleigh home inventory shrinking, homes becoming less affordable, report says

“Raleigh home inventory shrinking, homes becoming less affordable, report says” headlined by TBJ.

“Inventory is down for all homes in the Raleigh area, but substantially down for starter homes and trade-up homes, leading to increased financial strain for house hunters, according to a report from Trulia.

Ralph McLaughlin, Trulia’s chief economist, said Raleigh house buyers will feel the financial strain as starter and trade-up home buyers will need to spend 1.4 and 1.2 percent more of their income, respectively, to buy a home compared to this time last year. For premium homes, buyers only need to spend 0.6 percent more of their income.

The inventory of Raleigh starter homes is down 33.4 percent year-over-year and trade-up homes down 17.2 percent year-over-year. Premium home inventory is also down, but only by 6.2 percent year-over-year. To buy a starter home in Raleigh, buyers will have to spend 27.3 percent, 19.1 percent for a trade-up home and 9.9 percent of their income for a premium home, the report says.

In the second quarter of 2016, the median starter homes price was $124,967; $225,000 for trade-up homes; and $448,300 for premium homes. Nationally, these numbers are $157,072; $275,262; and $585,334, respectively.”, excerpt from the TBJ article.

http://www.bizjournals.com/triangle/news/2016/06/23/raleigh-home-inventory-shrinking-homes-becoming.html

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