Triangle Real Estate Sales Continue to Increase

Sales Up 11 percent from September 2010

RALEIGH, N.C., Oct. 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 September 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.

Closed sales continued a three-month trend in September to exceed sales for the same time frame in 2010. Sales in September were up 11 percent over September 2010 and the three months (July, August and September) showed a 14 percent increase over the same time last year. Three counties in the Region showed strong sales increases over last year with Wake County up 20 percent, Orange County up 27 percent and Chatham County up 41 percent over September of 2010! In addition, the Pending sales (homes under contract, but not yet closed) also exceeded last year by 16 percent. This marks the fifth continuous month pending sales have exceeded last year. The five prior months combined reflect an 18 percent increase over the same time frame in 2010. The September pending sales should reflect an increase in closed sales for October which exceeds the prior year sales for the same month. These two positive indicators are a reflection of the ending of federal tax incentives that were in effect through the first six months of last year.

Sales prices for September did show a slight decrease over last year with the Average Sales Price down 1.7 percent at $224,114 and the Median Sales Price was down 2.1 percent at $185,000. The Housing Affordability Index was at its highest level in the past 12 months at 195, which is an increase of 11 percent over September 2010. This index measures housing affordability for the region and 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.