Sales of residential properties, including repossession homes and foreclosures, declined in the Triangle region of North Carolina in January 2011. The prices of homes also dipped in the region for the same month when compared with year-ago levels.

The number of non-foreclosed and foreclosed homes in Raleigh and in the rest of the Triangle region comprised of Wake, Orange, Johnston and Durham Counties that were sold during the month of January totaled 1,066. The figure represents a 4% drop from the same 2010 month and also represented a decline of 29% compared with December of 2010. The average and median prices of houses sold during the month also declined.

The selling prices of regular houses and properties in foreclosures homes listings in North Carolina have been declining since November of last year. In the first month of the current year, the median selling rate for a residential property in the four Triangle counties was pegged at $181,000, which represents a 0.5% drop from one year ago. Compared with November 2010, the time that prices have started dropping, the decline was 7%.

Repossession homes and all types of dwellings sold in the first month of the year had an average selling price of $226,136, declining by 1.5% when compared with January 2010 and dipping by 5.5% compared with November 2010. Houses for sale in the Triangle region stayed for an average of 128 days in the market before getting sold. This is longer than the average time of 108 days recorded during January 2010.

The region's inventory of unsold home foreclosures and non-foreclosed dwellings stood at 9.3 months as of January 2011. In November, the inventory was comprised of almost 16,000 unsold housing units, over 3,000 of which were new home listings. Analysts are expecting numbers to continue to rise this year as more foreclosures are expected to enter the housing market in the coming months.

Sales of repossession homes and regular houses in the areas of Wake, Orange, Johnston and Durham are projected to improve this year. However, the expected rise in foreclosure numbers might make it hard for any increase in sales to be noticed, analysts have stated.

Original post: http://www.mostlyforeclosures.com/blog/sales-repossession-homes-housing-nc-counties.html on MostlyForeclosures.com, your source of foreclosed homes for sale.