Local housing market on sales, pricing upticks
The latest Winston-Salem Regional Association of Realtors report, released Tuesday, found 733 closed sales in the Triad Multiple Listing Service area for October, up 2.4 percent from a year ago.
Those sales reflect certain residential markets in Forsyth, Davie, Davidson, Stokes and Yadkin counties. By comparison, there were 692 closed sales in September, down 2.8 percent year over year.
The average sale price in October was $194,042, up 8.9 percent from $178,098 a year ago, but down 0.2 percent from $194,935 in September.
“As a whole, prices continue to remain strong in the greater Winston-Salem area as evidenced by the data,” said Brooke Cashion, the association’s president.
Michael S. Clapp & Associates, a local real-estate research firm, reported Sept. 11 that 7,626 homes were sold through Aug. 30, up 5.5 percent from the same period in 2017.
The average price jumped 6.9 percent to $188,640 from the same period a year ago.
BB&T expands RV lending platforms
BB&T Corp. said Tuesday it is expanding its financial and lending platforms to a national level for recreational and marine vehicles.
The expansion leverages BB&T’s Recreation Lending team’s 100 years of combined lending experience to provide a full suite of financing solutions for dealers, from onboarding through loan funding, for both new and used units.
BB&T Recreational Lending, based in Greensboro, is a division of BB&T Dealer Retail Services.
Qorvo reduces 3Q revenue, earnings forecasts
Qorvo issued Tuesday an update for its third-quarter fiscal 2019 earnings report, reducing its revenue forecast from a range of $880 million to $900 million, to a range of $800 million to $840 million.
The Greensboro chip manufacturer said it reduced its revenue forecast “due to recent demand changes for flagship smartphones.” Analysts said the customer is Apple, which has had other suppliers reduce their near-term revenue forecasts in recent weeks.
Qorvo said its forecast of demand from China-based handset manufacturers “remains measured and largely unchanged.”
Adjusted earnings were reduced from $1.95 to $1.70.
Energy companies lead U.S. stocks lower
The steepest drop in oil prices in more than three years put investors in a selling mood Tuesday, extending a losing streak for the S&P 500 index to a fourth day.
Energy stocks led a late-afternoon sell-off on Wall Street after the price of U.S. crude oil plunged 7.1 percent to $55.69 a barrel, the lowest level since December 2017.
The S&P 500 index fell 4.04 points, or 0.1 percent, to 2,722.18. The Dow Jones Industrial Average lost 100.69 points, or 0.4 percent, to 25,286.49, half of which was attributable to a drop in Boeing.