Triangle MLS, Inc. Releases May 2011 Real Estate Figures

RALEIGH, N.C. June 21, 2011 /PRNewswire-USNewswire/ -- The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry in the greater Triangle region during May of 2011. The data shown below reflects information on properties located in the 16 county area of the greater Triangle region.

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Sales continue to increase on a monthly basis with May sales reflecting the trend of sales increases each spring with sales up 2 percent over April. Yet, May sales are down 27 percent from the previous year which continues to reflect the impact of Federal Tax Credits that were in place for the first three quarters of last year. Sales year-to-date for 2011 are on average at the same level experienced in 1999, 2001 and 2002.

Average sales prices for the region were up 2 percent from the previous month and ahead of the same time period last year by .5 percent. In addition, we saw the median sales prices increase by 4 percent over the previous month with an increase of 2 percent over the previous year. This trend is better than the national average.

The Housing Affordability Index for May continues to remain at the near record level of 178, which is an increase of 4.3 percent over last year and a positive indicator for housing affordability. This index measures housing affordability for the region. 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.

Pending sales for May were 1,997, which is the number of homes under contract. This is up 21 percent over May of 2010 and is a positive indicator for upcoming sales in June. The current supply of all housing within our system is 11.9 months based on May closings, up 19 percent from last year.

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.