Triangle MLS, Inc. July 2012 Report Indicates Triangle Housing Market Remains Strong

RALEIGH, N.C.--(BUSINESS WIRE)--The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry during July 2012. The data 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.

Ray Larcher, TMLS President said, “Closed sales continued a one-year positive trend through July. Sales in July were up 23 percent over July of 2011. The three leading counties with closed sales for July were Johnston, up 45 percent (196 units), Orange, up 31% (156 units) and Wake, up 23% (1,226) units over July of 2011. Several local municipalities/areas with the largest increases over last July were Wake Forest up 51 percent; Hillsborough up 50 percent; North Durham up 41 percent and Inside the Beltline up 35 percent over July of 2011. In addition, pending sales (homes under contract, but not yet closed) also exceeded last July by 31 percent, another positive trend indicating that future sales should remain strong through the end of the summer.”

“Inventory levels of homes for sale shrank 26 percent to 13,447 units from July 2011 with new listings in the Triangle region increased by five percent. For the fifth month the Median Sales Price increased and was up 1 percent to $191,900. The average Sales Price was down only .4 percent. The Days on Market continued a downward trend for the fourth month in July to 115 days, a 10 percent decrease over the previous July. Absorption rates improved as the Month’s supply of inventory was down 36 percent to 7.4 months,” Larcher continued.

The Housing Affordability Index at 195 is 7.5% higher than last July. This index measures housing affordability for the region and 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. A higher number means greater affordability.