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Home appreciation outdoes U.S. average: Moderate land prices and surging job growth kept Triangle housing appreciation rates steady as the national market spiked and faltered.
Byline: Dudley Price
Jun. 9--For real estate brokers and home builders, the fall of 2005 was among the best of times. Sales of existing homes and new construction were at record highs and the inventory of unsold homes was the lowest in at least two years.
This spring, it's a starkly different market. New construction has declined for two quarters, resales have flattened, and the backlog of unsold homes is up 13 percent in a year.
But for homeowners, the most important number -- the rate of appreciation in the value of their houses -- has held steady as the market went from potent to peaked.
According to government figures released last week, the appreciation rate for homes in the Raleigh-Cary metropolitan statistical area was an annualized 6.42 percent in the first quarter of 2007. Homes in Durham had a 7.07 percent appreciation rate, the Office of Federal Housing Enterprise Oversight reported.
Eighteen months ago, the rate was 5.11 percent in Raleigh-Cary and in Durham, 5.61 percent.
Nationally, homes appreciated…
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