Triangle MLS Inc. Releases 2010 Yearend Real Estate Figures

Decline Due to Federal Tax Credit Extension

RALEIGH, N.C., Jan. 20, 2011 /PRNewswire/ -- The Triangle Multiple Listing Service, Inc. (TMLS) announced the following information regarding listings and closed sales within the MLS system.  Homes sales for the greater Triangle area ended 2010 six percent behind sales for 2009, with total home sales of 20,643 units.

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The yearend figure still manages to have some positive aspects. Sales for the first half of the year through July were up nine percent over the same period in 2009.  The second half of the year, sales lagged behind the previous year's high sales volume as the result of the Federal government's tax credits for first time home buyers. The tax credits were extended in the first quarter of 2010. Even with the decrease in sales for the balance of the year, 2010 ranked the eighth best for the past 16 years.

Home prices continued moving upward in 2010.  The year ended with an average price of $228,700, which is higher than the 2009 average of $222,600, representing a three percent increase.  Another positive indicator was the increase of pending home sales for the last two months of 2010.  This will have a positive impact on closed sales for January 2011.  The number of showings of listed homes also increased in December 2010 over the previous year.

Finally, the increase in the Housing Affordability Index as published by the National Association of REALTORS® was another improvement. The index measures whether or not a typical family can qualify for a mortgage loan on a typical home.  A typical home is defined as the national median-priced existing single-family home. The higher the index, the more affordable it is to own a home. This index increased almost three percent in 2010 over the previous year.

ABOUT TRIANGLE MLS, INC.

Triangle MLS provides a database management service for more than 8,000 REALTORS®. The jurisdiction of Triangle MLS currently includes 16 counties in the greater Triangle area. Triangle MLS compiles more than 18,000 active listings on homes for sale at any one time and totals more than 49,000 listings annually. In addition, it provides historical data and photographs on homes sold in our area for the past 12 years. Triangle MLS provides a state-of-the art Computer Training Center for our members as well as the general public, offering more than 200 computer training classes annually on MLS, Internet, specialty software programs and all Microsoft software. For more information, visit www.trianglemls.com. Triangle MLS is a wholly-owned subsidiary of Raleigh Regional Association of Realtors.

SOURCE Raleigh Regional Association of Realtors