Triangle Property Lines: Home Sales & Prices in the Triangle, NC for November 2015

Tuesday, December 15, 2015

Home Sales & Prices in the Triangle, NC for November 2015

Residential real estate is experiencing its best year since the recession. Home sales are actually set to have their best national showing since 2006. More of the same is anticipated in 2016, but inventory and affordability challenges coupled with mortgage rate increases will likely keep any sort of monster growth in check. This should be a good thing for keeping home prices from increasing too rapidly to maintain economic stability.

New Listings in the Triangle region increased 6.8 percent to 2,530. Under Contract Sales were up 4.8 percent to 2,488. Inventory levels fell 13.5 percent to 9,374 units.

Prices continued to gain traction. The Median Sales Price increased 9.6 percent to $226,000. Days on Market was down 19.2 percent to 59 days. Sellers were encouraged as Months Supply of Inventory was down 19.0 percent to 3.4 months.

Unemployment rates across the nation changed little last month, which bodes well for an increase in buying activity. The national jobless rate was 5.0 percent in October, which was 0.7 percent lower than the year prior. Although housing and employment data are quite positive at this juncture, it is still certainly possible for listings and sales to be down in year-over-year comparisons. Bad weather and the mix of housing available to buyers tend to have a greater effect on trends at the end of the year than during the midsummer months.

Do you want to know what's happening in your neighborhood or subdivision. As your local expert, I will break all the numbers down for you & give you an accurate value of your home. Call me today!

Elizabeth Scott, Realtor®, Broker