Home prices in the Triangle have fallen for four straight months, according to data from the Triangle Multiple Listing Services.
However, that price is down from a peak median price in June of $422,000.Matt Fowler, the executive director of Triangle Multiple Listing Services, said home prices look like they are trending toward a "return to normal" growth rather than the "crazy, unsustainable rate that they were rising at."A lack of inventory and new construction as well as strong job growth in the Triangle should prevent home prices from dropping significantly, Fowler added.
The median income of a family in the Triangle now only reaches 68% of the income necessary to qualify for a median priced house at prevailing mortgage rates, Fowler said. Note: "Typical" refers to the average home value in the middle 30% of estimated home values in a region; Data: Zillow; Map: Erin Davis/Axios Visuals"The story for me in the Triangle remains the lack of affordable housing [and] a lack of housing in general," Fowler told Axios.While national analysts are coming around to the idea that house prices could see a correction, they still don't expect an outright bust,Unemployment remains low.
That means a surge in defaults — like the one that crashed the U.S. housing market in 2008 and 2009 — is unlikely, economists say.
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