The share of institutional investors who bought Raleigh-area homes shrank last year, mirroring a national trend, according to new data from the real estate firm ATTOM.

Why it matters: Institutional investors — any non-lending group that purchased at least 10 properties in a calendar year — have backed off the last three years as housing affordability has plummeted, the report shows.

Zoom in: Across North Carolina, 7% of home sales were to an institutional investor last year, down from 7.4% in 2023.

• In Raleigh, the share of investor sales went from 8.6% to 7.8%.
• They did, however, increase in the Durham metro area, going from 6% to 6.6%.

Zoom in: Investors bet on growth. They want to see strong population and job growth, solid rental yields, landlord-friendly regulations, affordability, and long-term appreciation potential, ATTOM CEO Rob Barber tells Axios.

• But for the past few years, large investors have been slowing down their activity.
• In the third quarter of last year, just 0.3% of sales went to large institutional investors — those that own more than 1,000 properties — the lowest share in seven years, if the first quarters of the pandemic were stripped out, according to The Wall Street Journal.
• Institutional investors are signaling that homes are priced too high, while individuals might be willing to pay more if the home is a right fit, The Journal noted.

Yes, but: Institutional investors have been criticized in recent years for making it harder for families and individuals to buy homes.

The bottom line: High home prices and high interest rates are even discouraging institutional investors from buying houses.

Share this story

UNC men's basketball coach Hubert Davis said big changes are coming to his staff, including the hiring of a general manager, in the wake of the team's 17-point loss to archrival Duke.

Why it matters: With college sports becoming more complicated — due to name, image and likeness (NIL) and an increasing number of transfers between schools — university programs are adopting structures more similar to professional sports teams.

State of play: UNC's football program recently hired a general manager, for instance, and Duke's men's basketball team as well as UNC's women's basketball team already had one to help coordinate many of the team's off-court responsibilities.

What they're saying: "The old model for Carolina basketball just doesn't work," Davis said on his weekly radio show "Hubert Davis Live."

• "It's not sustainable," he added. "It has to build out, because there's so many things in play with NIL, the transfer portal, agents, international players. You just need a bigger staff to be able to maintain things."

Go deeper

⚖️ U.S. Attorney Michael Easley Jr., the son of former N.C. Gov. Mike Easley, is stepping down after leading North Carolina's Eastern District for three years. (WRAL)

• Easley was nominated to the position by former President Biden.

❌ The Durham City Council rejected a development plan that would add 1,000 homes, apartments and townhouses to Mount Moriah Road due to the project being outside of the city's urban growth boundary. (News & Observer 🔒)

Wake and Durham counties recently completed their annual point-in-time counts for homelessness in the Triangle. (INDY Week)

• The numbers, which will be released in the coming months, will give an insight into how well the region is tackling the issue of homelessness.

🏫 Chapel Hill-Carrboro City Schools Superintendent Nyah Hamlett announced Tuesday she will be leaving the role and school district. (WCHL)

Southern food icon Waffle House has added a temporary surcharge of 50 cents per egg amid rising egg prices from the bird flu outbreak.

Why it matters: The disease has ravaged the nation's supply of eggs, leading to egg shortages and increased prices in grocery stores.

• Avian influenza has affected at least 22.7 million birds, according to USDA data — including more than 3 million in North Carolina.

The big picture: The Georgia-based company, which has more than 200 stores in North Carolina, is believed to be the first major restaurant chain to add an egg surcharge.

• Waffle House said in a news release that the temporary surcharge of 50 cents per egg began Monday.
• "Rather than increasing prices across the menu, this is a temporary targeted surcharge tied to the unprecedented rise in egg prices," the company said.

What's next: Egg prices are expected to go up by 20% this year, according to the USDA.

• A timeframe for Waffle House's egg surcharge is unknown.
• "While we hope these price fluctuations will be short-lived we cannot predict how long this shortage will last," the company said.

Go deeper

Naos, a Greek-inspired restaurant from the Giorgios Group, is now open in Cary.

What to expect: The menu blends ancient Greek traditions with modern cooking styles. It includes a rotating cast of vegetable-focused small plates and a focus on fresh seafood, lamb and slow-braised dishes cooked in traditional clay pots.

• The food offerings have been curated by Kevin Draper of Bin 54 in Chapel Hill and Alex Ricci, previously the head of Prospects Craft Kitchen in Raleigh, which closed this summer.
• We tried the clay pot lamb ($32) and grilled bone-in pork chop ($36) and an orange phyllo cake ($10) for dessert.

📍2800 Renaissance Park Pl.

• Open Monday through Thursday 5-9pm, Friday and Saturday 5-10pm and closed Sunday.