Raleigh Real Estate Market Report – July 2014

New Construction HomeCheck out the residential real estate market trends around the Triangle for the month of July:

Home Sales

Homes sales in the Triangle continue to creep upward as the year passes. July saw a one percent increase in sales compared to the same period last year. Housing analysts expect 2014 annual sales growth in the low single digits.  “I think we’re going to flatline for the rest of the year,” said Stacey Anfindsen, a Cary appraiser who analyzes MLS data for area real estate agents. “It will just be 2 percent. We won’t see much movement in these numbers. The market we’ve had for the past six months will be the one we finish up with.”

Days on Market

Triangle homes are selling in the quickest time frame of the past six years, according to Triangle Multiple Listing Service reports. Among the 3,191 homes sold in July, the average days on market was only 89 – the lowest since 2008. Homes are also selling for higher prices, with an average Triangle sale price of $250,047 in July.

Housing Inventory

Low housing inventory numbers still plague the region, with the four percent jump in listed homes in July being largely driven by new construction. Existing homes on the market actually declined one percent.

The National Association of Home Builders/Wells Fargo Housing Market Index rose to 55 last month. Any number over 50 indicates a positive outlook for building conditions. “As the employment picture brightens, builders are seeing a noticeable increase in the number of serious buyers entering the market,” said NAHB Chairman Kevin Kelly, a homebuilder and developer from Wilmington, Del.

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