Triangle home sales drop 28% but prices remain steady

Sales of existing Triangle homes were down 28 percent and prices were flat in March, according to the Triangle Multiple Listing Association.

MLS says there were 2,217 existing homes sold in the Triangle during the month. That's down from 3,059 in March 2007 and represents the ninth straight month with a year-over-year decline.

Prices were more resilient, avoiding the drops seen in the majority of the country, though they advanced less than 1 percent during the month. The average sale price of an existing Triangle home was $235,175 in March, up from $233,763 a year prior.

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Strength in home prices has helped the Triangle avoid the worst of the national housing downturn, though price increases have slowed in recent months as sellers have found it harder to get top dollar for their homes. Prices were up 3 percent on a yearly basis in both January and February before flattening in March.

In another sign that some sellers are having a hard time finding the right price on their homes, the Triangle's home inventory continued to increase in March. MLS had 19,033 listings in March, up from 18,620 in February and 15,564 in March 2007. The figure represents an 8 1/2-month supply, ahead of the six-month supply that economists consider a healthy balance between supply and demand.