TMLS Reports Real Estate Sales Continue Positive Trend

press release

Feb. 17, 2012, 7:27 a.m. EST

TMLS Reports Real Estate Sales Continue Positive Trend
RALEIGH, N.C., Feb 17, 2012 (BUSINESS WIRE) -- The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry in the greater Triangle Region during January of 2012. The data shown reflects information on properties located in the 16 counties of the greater Triangle Region. The percentage changes are comparisons with the prior year's month unless otherwise noted.

Ray Larcher, President of the Triangle Multiple Listing Service, Inc. said, "Closed sales continued their seven-month positive trend through January. Sales in January were up 6.6 percent over January of 2011."

The seven months prior (July 2011 through January 2012) showed a 10.8 percent increase over the same time period last year.

"Wake County had a 16.8 percent increase in sales over January of 2011 and Chatham County had a 10.5 percent increase over January of 2011. Several local municipalities/areas with the largest increases over last January were Wake Forest up 85.7 percent; Knightdale/Wendell/Zebulon up 61.3 percent; Durham-East up 30.3 percent; and Inside-the-Beltline in Raleigh up 26.5 percent. In addition, the pending sales (homes under contract, but not yet closed) also exceeded last January by 28.5 percent, a trend that has continued for the past nine months," Larcher concluded.

New listings in the Triangle decreased by 2.3 percent to 3,126 units. Inventory levels shrank 22.4 percent in January to 13,108 units. Prices continued to soften in January with the Median Sales Price down 6.6% to $171,000 since last January. Days on Market increased 2.4 percent to 130 days. Absorption rates improved as Month's supply of Inventory was down 19.3 percent to 8.0 months.

The Housing Affordability Index was at 208, which is at its highest rate in the past five years. This index measures housing affordability for the region. An index of 120 means the median household income as 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.

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SOURCE: Raleigh Regional Association of Realtors