RALEIGH, N.C.--()--The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry during August 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.
“All major categories for real estate sales for August continue to represent a growing real estate market.”
Ray Larcher, President of Triangle MLS, Inc. said, “All major categories for real estate sales for August continue to represent a growing real estate market.”
New Listings in the Triangle region increased 7.5 percent to 3,240. Pending Sales were up 26.4 percent to 2,310. Inventory levels shrank 25.3 percent to 13,052 units. Prices moved higher. The Median Sales Price increased 3.8 percent to $192,100.
The ‘Days-on –Market’ category was down 8.8 percent to 115 days. The Supply and demand balance stabilized as Months Supply of Inventory was down 35.4 percent to 7.0 months.
The Housing Affordability Index at 195 is 4.2 percent higher than last August. This index measures housing affordability for the region and an index of 120 means the median household income was 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
“With election season in full swing, both politicians and economists will place extra emphasis on jobs and unemployment figures. Recognizing the relationship between jobs and housing demand, the most tuned-in agents and brokers will do the same. The truth is, the economy is and has been expanding consistently for years, albeit at a disjointed pace. There's reason for optimism going into the last third of 2012 and even into 2013, and housing is actually playing a large role in that positive outlook,” Larcher concluded.