Raleigh Real Estate Market Report – June 2014

Sold OutThe residential real estate market is experiencing several trends around the Triangle:

Home Sales and Prices

Homes sales rose around the Triangle in June with a 4.7 percent increase from the year prior. In fact, the first six months of 2014 have included 14,815 homes sold, according to Triangle Multiple Listing Service, which represents a 3.4 percent year-to-date growth.

The average price of a Triangle home sold in June increased by 3.3 percent from the year prior to $254,603. The median price rose as well, increasing by 3.7 percent to $210,500.

Home sale projections remain high for July despite the rising prices. Pending sales increased 6.7 percent to 3,154 units.

Raleigh Foreclosures

Home foreclosures in the U.S. have hit a low since the housing bubble burst with 613,874 filings in the first half of 2014. North Carolina’s foreclosure inventory dropped by 0.8 percent in May from the previous year. Raleigh, however, received a foreclosure filing in June that was 133 percent higher than the same period in 2013. There are currently 950 properties in Raleigh that are in the process of foreclosure.

Housing Inventory

Inventory levels in the Triangle remain at historically low levels. As a result, seventeen percent of existing homes sold in less than 30 days during this year’s 2nd quarter, and many areas of the Triangle – North Raleigh, Inside-the-Beltline, Cary, Apex, Morrisville – are undersupplied.

Stacey Anfindsen, a Cary appraiser who analyzes MLS data, said that for the first time ever the Cary, Apex, and Morrisville areas have zero inventory of single-family housing priced under $150,000. 

Contrarily, new home listings rose 20 percent in the 2nd quarter compared with the same period last year, and the average days on market for these new homes increased to 117 days. New home sellers who dropped their list price also increased – by 77 percent.

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