At 37 percent new homes, this is a very strong new home market. |
I see no short-term change in that situation. Durham has a great supply of relatively inexpensive homes. |
I'm sure rising interest rates at some point are going to take some buyers out of the marketplace. Typically, though, this does not happen in a big way until interest rates hit 8 percent and we have a long way to go until it reaches 8 percent. |
That's pretty extreme upward pressure on resale prices in Wake County, which puts Durham County in a situation where it's presenting an exceptional value to the buyer in that more moderate price range. There's a lack of supply in Wake County that's being fulfilled in Durham County. |
The rate of increase in Durham County has not been so strong as to cause any concern on my part about oversupply. |
Their in-house knowledge of how to do these things is very, very good. |
While I think (new-home sales) will continue to grow, I don't think it can maintain the pace it had in 2005. |