The Triangle’s residential real estate market is heating up! Home sales in the area increased by 2 percent year-over-year in May, according to Triangle Multiple Listing Service’s local market report, which includes data from 16 counties in the region. Pending sales also rose by 3.5 percent.
Month-to-month sales totals have been continuously growing this year, with May home sales up 22 percent compared to April. Additionally, homes are selling at higher prices with the average sale price increasing by 1.6 percent to $246,593 in May.
Though inventory levels in the Triangle have been stuck at historically low levels, the number of homes for sale also increased in May. There were 8,048 homes for sale in Durham, Johnston, Orange, and Wake Counties, up 5 percent from May 2013, marking the first time in 39 months that the region has recorded a year-over-year increase in existing homes for sale.
“I think that’s directly related to the increase in house prices,” said Stacey Anfindsen, a Cary appraiser who analyzes Triangle MLS data. “And the fact that each month we go past the peak of the market people have made mortgage payments … one more month of paying more principal could be the difference between putting your home on the market or not.”
Anfindsen added that he expects inventory levels to continue to rise. “The majority of sellers know the market is strong and inventory is needed,” he said.
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