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Triangle home sales up 17 percent in third quarter

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The Triangle housing market continues to show signs of improvement in the second half of the year.

A total of 4,471 homes sold in Durham, Johnston, Orange and Wake Counties during the third quarter, up 17 percent from the same period a year ago, Triangle Multiple Listing Services data show.

Pending sales were up 27 percent and showings increased 7 percent.

Some of the increase can be attributed to the fact that the federal homebuyer tax credits expired at the end of June last year, meaning sales dropped off immediately afterward.

But the inventory of homes on the market also continues to decline, something that needs to happen if prices are to stabilize.

There were 11,102 homes listed for sale at the end of September, down 19 percent from the same period a year ago.

At the current pace of sales, the Triangle now has a 7-month supply of homes on the market, down from an 11-month supply a year ago.

The number of new homes on the market continues to dwindle, and is now down to just 2,001. That’s less than half the number that were on the market three years ago.

The numbers weren’t all positive, however, as a substantial number of homes continue to languish on the market.

The average days on the market for homes that sold in the third quarter was 126 days. That's 23 days more than a year ago.

The average price of homes that sold during the quarter was $235,700, down two percent from a year ago. More than half of all the sales that occurred involved some financial concessions.

 

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About the blogger

Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or e-mail him.
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