Unsold housing inventories hit a 16 year high in July and the rate at which homes are selling is at its slowest rate since November of 2002. Although the Raleigh market is fairly insulated from the changes experienced in other areas of the country, we have seen higher unsold inventories locally and we do not see those diminishing quickly over the next six months. On a positive note, 30 year fixed interest rates on prime mortgages are at their lowest in months. Thank you for the opportunity to serve you and your clients.
