Sales of new homes collapsed in May, sinking 33 percent to the lowest level on record as potential buyers stopped shopping for homes once they could no longer receive government tax credits.
However, the news was different in North Carolina, especially in the Triangle and Pinehurst where sales improved in May from April.
The bleak report from the Commerce Department is the first sign of how the end of federal tax credits could weigh on the nation’s housing market.
Not necessarily so – at least in parts of North Carolina – so far.
According to N.C. Association of REALTORS data, Triangle sales for new and previously owned homes rose to 2,498 in May from 2,266 in April.