The Washington Post currently
is leading with a story that July home sales are up 5% YOY (and 7% from June). Nationally, prices have been falling. As prices drop, demand increases. This is a
natural response; it doesn't mean we're necessarily at the bottom when volume increases a bit, especially when volume up until now has been at historic lows. It just means that we're closer to the bottom than we were before... that's not saying very much.
But Chapel Hill prices have not been falling. So what's happened in Chapel Hill?
The Triangle MLS
reports a 13.3% YOY drop in volume for July for Orange county. Orange county is bucking the national trend. Indeed, July sales (144) were fewer than June sales (149).
Because prices aren't falling, sales volume is getting worse. This is pretty clear; Chapel Hill is not near the bottom.
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