Positive News for the Triangle Real Estate Market: Closings Up 7.5 Percent from July 2010
RALEIGH, N.C., Aug. 19, 2011 /PRNewswire/ -- The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry in the greater Triangle region during July of 2011. The data shown below 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.
For the second consecutive month we are beginning to see some positive changes in several of our monthly indicators as we move beyond comparisons in 2010 that were abnormally high because of ten months of federal tax credits. Closed Sales increased 7.5 percent to 1,823 during the month. Pending Sales (homes under contract, but not yet closed) were up 29.6 percent to 1,914 and the number of homes shown to potential buyers also increased by 6 percent to 54,447.
Prices softened a bit in July with Average Sales Prices for the region were down 4.5 percent to $230,640 and Median Sales Prices were also down 5 percent to $189,900. Absorption rates slowed as Month's Supply of Inventory was up 5 percent to an 11 month supply.
The Housing Affordability Index for July continues to remain at the near record level at 179, which is an increase of 6.6% over last year and a positive indicator for housing affordability. This index measures housing affordability for the region. This marks the twelfth month the index has exceeded the 175 mark. An index of 120 means the median household income was 120% 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.
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