RALEIGH, N.C., Feb. 21, 2011 /PRNewswire-USNewswire/ -- The Triangle MLS, Inc. (TMLS) announces the following information relating to houses listed and sold within the MLS system during January of 2011. Data stated below are for houses located in Wake, Durham, Orange and Johnston counties. The percentage changes are comparisons with data from the prior years' month unless otherwise noted.
The important factor affecting the data for this January is that last year the federal government was in the middle of a tax incentive program for both first time and repeat home buyers. These tax credits greatly stimulated sales last year and without those incentives this year we are seeing a decrease in most sales categories. Total home sales in the four counties for January totaled 862 units which represents a 2% decrease over the same month last year. The average selling prices for January was $226,136 which was a 1.5 percent increase over the same time period in 2010. The medium sales price remained constant from last year at $181,000.
Another positive indicator for this January was the Housing Affordability Index which had a positive increase of 3.4% to 180. The National Association of REALTORS® affordability index measures whether or not a typical family could qualify for a mortgage loan on a typical home. To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment. For example, a composite HAI of 120.0 means a family earning the median family income has 120% of the income necessary to qualify for a conventional loan covering 80 percent of a median-priced existing single-family home. An increase in the HAI, then, shows that this family is more able to afford the median priced home.
The average days it takes to sell a home in January rose to 129 days, an increase of 18 percent over last year. Pending Sales, homes under contract but not yet closed, for January showed an increase of 23 percent from January of 2010. There were 46,653 home showings during the month and this represented an 11 percent decrease from the previous year. The current supply of all housing within the four main counties is 14 months based upon January closings, which is unchanged from the previous year.
Again, we have to remember that the decrease in most statistics from the previous January are the result of the positive impact the Federal Tax Credits had on home sales activities in the first six months of 2010.
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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