The median price of existing single-family homes has fallen only 2% over the past four quarters, despite a broad decline in sales, according to a National Association of Realtors quarterly survey of 150 metropolitan statistical areas. The national median house price was $220,800 in the third quarter of 2007, compared to $225,300 in the third quarter of 2006. The report shows that house prices fell in 54 MSAs but rose in 93 MSAs.  By region, prices of previously owned homes rose 3.2% in the Northeast and 0.5% in the Midwest, but fell 3.6% in the South and 3.8% in the West. Total existing home sales, including single-family homes, condominiums and co-ops, were off by 13.7% nationally compared to the third quarter of 2006. “The housing market correction is clearly focused on transaction volume and not in home prices,” said National Association of Realtor chief economist Lawrence Yun.  

Of course, some homes have been affected less than others.  If you are considering selling your home, a good Realtor can help you access how you house may or may not be impacted.  If buying, your Realtor can help you identify the best bargains on the market.  For helpful information about real estate in North Carolina’s Triangle Area , click here.  Another resource is the North Carolina Association of Realtors website.