Triangle home sales drop 24%

According to the Triangle Business Journal today...
Sales of existing homes in the Triangle dropped 24 percent in September as woes in the national housing market continued to chip at the local economy.
Data released by the Triangle Multiple Listing Service show that 2,347 homes were sold in September, down from 3,098 in September 2006.
Local home sales had been trending down for months, most recently dropping 8 percent in August and 11 percent in July. But the area hadn't yet seen such a sharp downturn equivalent to those in other markets, where declining home costs and troubles with subprime mortgage markets have embroiled economies.
Prices weren't the culprit. The average closing price on a home rose 6 percent year-over-year to $242,885.
But as foreclosures grow locally and the national economy slows, local home inventory rises. It continued to rise in September, when there were 17,929 active listings - up 22 percent from the year prior.
And unlike in recent months, when wealthier ZIP codes dominated home sales, the top three ZIPs for sales all came in areas that have seen high foreclosure activity. Fuquay-Varina's 27526 topped the list with 96 home sales, while southeast Raleigh's 27610 was No. 2 with 90 and Wake Forest's 27587 was No. 3 with 88.