Several Positive Market Indicators Repeat in August
RALEIGH, N.C., Sept. 20, 2011 /PRNewswire-USNewswire/ -- The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry in the greater Triangle region during August of 2011. The data shown reflects information on properties located in the 16 county area of the greater Triangle region. The percentage changes are comparisons with the prior year's month unless otherwise noted.
Several sales indicators for the region continued with positive gains in August. Closed sales for the month of August exceeded August of 2010 by 23 percent with a total 1,958 homes sold. This is the second consecutive month that sales exceeded those in 2010. Pending sales (homes under contract, but not yet closed) also exceeded last year by 22 percent. August was the fourth consecutive month that Pending sales exceeded the prior year and we anticipate a continuing trend in September.
Prices softened a bit in August with Average Sales Prices for the region down 4.6 percent to $226,251 and Median Sales Prices were also down 4.7 percent to $185,000 from the prior year. The inventory of homes for sale was also down 19.2 percent from August of last year with 16,167 homes for sale and also down from last month by 9 percent. The Days on Market (the average time it takes for a home to sell) did increase from last August to 126, representing a 15 percent increase.
The Housing Affordability Index for August increase slightly from last year, but continues to remain at low at 188, which is an increase of 7.8 percent over last year and still a positive indicator for housing affordability. This index measures housing affordability for the region. This marks the thirteenth month the index has exceeded the 175 mark. An index of 120 means the median household income was 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
About Triangle MLS, Inc.:
Triangle MLS, Inc. (TMLS) is a regional multiple listing service with a jurisdiction covering 16 counties in the greater Triangle region of North Carolina. TMLS provides a wide variety of valuable products, programs, and services for over 7,000 REALTORS® and appraisers. TMLS equips subscribers with tools to facilitate the home buying and selling process, encourages cooperation and efficiency between REALTORS®, and provides a single repository of property information in the Triangle region. Access to the multiple listing service (MLS) database maintained by TMLS gives subscribers access to over 20,000 active property listings at any one time. In addition, subscribers have the ability to retrieve historical property data and photographs from over 700,000 listings entered in the MLS since 1995. Through participation in TMLS, subscribers also gain access to additional products, programs, and services designed to help them build their real estate business and assist their clients. TMLS strives for accuracy and excellence by enforcing adherence to the organization's rules, regulations, policies, and bylaws which support industry professionalism, brings order and efficiencies to the real estate market place, and enhances cooperation between participants. TMLS is a wholly owned subsidiary corporation of the Raleigh Regional Association of REALTORS®. For more information, visit http://www.TriangleMLS.com.
SOURCE Triangle MLS, Inc.