The Dixon Hughes Triad Business Index for March, 2010 shows that the local economy is improving, but it's not by much and we've got a heckuva long way to go before we can say things are good. It will be interesting to see what happens in real estate when the stimulus plan expires at the end of this week, but when you read this from the report you wonder how much worse it can get (knock on wood):
At the end of the 1st quarter of 2010, the inventory of homes on the market was 9,098, or 6.3 times the number of homes sold in the 1st quarter. At the current sales pace, it will take 18.9 months to exhaust the existing inventory. The number of existing homes offered for sale was up 16.5% from what it was at the end of the 4th quarter, and it was 9.5% higher than at the end of the 1st quarter one year ago.
The price of the average home sold in the 1st quarter was down 2.8% from the previous quarter. The average quality-adjusted price of an existing home in the Triad was $158,718. The average this quarter was down 1.7% from the average recorded in the 1st quarter of last year. By comparison, over the past year, consumer prices nationally have risen 2.2%.