Triangle Housing Market Surges

Triangle home sales surged 39 percent in July compared with a year ago. Home prices are gradually rising while the inventory of homes for sale remains at near-historically low levels. There were just 7,766 homes on the market in Durham, Johnston, Orange and Wake counties at the end of the month. The areas inventory levels are down more than 10 percent from a year ago and down 35 percent from two years ago. This creates significant demand and makes newly listed homes hot commodities. The Triangle currently has a three-month supply of homes on the market at the current pace of sales, which is considered extremely low. The average days on the market of the homes that sold in July was 69 days, down dramatically from the 112 days on market during the same period last year. Buyers have also been encouraged to move into the housing market because interest rates, which have been near all-time lows, have slowly been rising recently. Many potential buyers want to purchase a home quickly, to avoid further rate hikes. While the markets have not reached their pre-status levels, it is encouraging that the Triangle’s housing market has seen sustained growth over the course of the summer. To read more visit the News & Observer.

 

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