This summer weather is heating up and the Triangle real estate market is following suit. With reports in for the month of June, the housing market has seen its highest sales month in the past seven years.
According to a recent article in the Triangle Business Journal, the growth accounts for a “21 percent increase in the number of home sales reported and a 6 percent increase in the average home sale price.”
With home inventory continuing to dip, buyer demand has grown significantly driving home prices to increase with some sellers receiving offers above asking price.
Further details from the article include:
In June, the market’s inventory of homes for sale was down 16 percent, according to the monthly Triangle Multiple Listing Service, which tracks 16 counties in the greater Triangle region.
“June is more reflective of what was going on in April and early May since most closings take about 30 days,” [local housing market analyst Stacey Anfindsen] says. “But we can’t continue with 20 percent increases or our inventory will be zero.”
Closed sales were up 21 percent to 3,913 units compared to the year prior. The median sales price was up 10 percent to $231,000 and the average sales price was up 6 percent to $269,999.
For the Raleigh-Cary-Durham-Chapel Hill MSA that Anfindsen tracks in his monthly Market Update report, sales in June were up 22 percent with an overall sales price increase of 6 percent and an average re-sale sales price increase of 7 percent.
For the second quarter 2015, home sales were up 10 percent compared to the year prior, which is also outpacing the market’s 3 percent job growth compared to 2014. “Since investor activity has died down, the sales growth might be coming from retirees moving into the area,” Anfindsen theorizes.
To read the full Triangle Business Journal article, click here.