The April home sales report for Raleigh, NC and the rest of the Triangle was just released and we saw a 13% decline year over year in home sales. You may think, how can economists say that the real estate market is improving when the market experienced a double digit drop in sales? Quite simple, last April the $8,000 tax credit that the government provided to first time homebuyers was in it final days. Therefore, we saw a spike in purchases amongst first time homebuyers trying to take advantage of the tax credit before it expired April 30th, 2010.
To hear the April home sales update for 2011, watch the interview with Stacey Anfindeson, a real estate analyst for the Triangle MLS: