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Triangle Home Sales Up 11% In January

Home sales in January were up more than 11% in the Triangle over the previous year according to a report from the Triangle Multiple Listing Service (TMLS). Closed sales topped 1,700 for the month, which represents an 11.2% increase over January 2013. Listings, however were down 2%, which is in-line with the very low inventory levels of homes for sale that the Triangle has been dealing with for over a year; the current inventory represents a 4.7 month supply which is well below the norm. The lack of homes on the market has contributed to a rise in home prices-the median sales price is up almost 11%, and a decrease in the average number of days on market for listings, which was down by 10%.

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