Real Estate in the NC Triangle Showing Continued Market Strength
FOR Home BUYERS is a member of the TMLS and can show you any home listed in the Raleigh, Durham, Chapel Hill, Triangle area of North Carolina. This is one of the strongest home markets in the USA. Our Exclusive Buyer Only Realtors are experiencing the market tightening and a lack of homes for sale on the market. When the market is tight, it is important for you, as a home buyer, to have the best possible representation so that you will be honestly informed and have someone to negotiate who is totally working for you.
Raleigh, NC: The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry in the greater Triangle region during June, 2013. The data shown reflects information on properties located in the 16 counties of the greater Triangle Region. The percentage changes are comparisons with the prior year’s month unless otherwise noted.
Closed sales continue on an extended positive trend through June with Closed Sales up 14.9 percent over June of 2012. June was the second strongest month in closed sales with 3,062 transactions. Only May, 2013 with 3,237 transactions, was higher. Pending sales (homes under contract, but not yet closed) also exceeded last June by over 26 percent.
New Listings in the Triangle region increased over 12 percent to 3852 units for June. Total inventory levels shrank by 10.2 percent in June to 14,294 units from 15,917 units in June of 2012. The months supply of available inventory shrank by 28.3 percent leaving only a 6.4 months supply. Housing prices continued to improve in June with Median Sales Price up 1.6 percent to $202,445 and Average Sales Price is up 2.7 percent to $245,901. Days on Market decreased 16.5 percent to 95 days compared to June 2012.
The Housing Affordability Index was at 175, which is 7 percent lower than last year. This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates.
Rachel Wiest, Vice President of Operations, Triangle MLS, Inc. said, “We are happy to see the housing market continue to be strong.”
“With the stronger market, some previously frustrated sellers may return to the market place to help replenish neighborhoods with new listings,” Wiest concluded.