Triangle MLS, Inc. September 2012 Report Indicates Triangle Housing Market Continues to Grow

RALEIGH, N.C.--(BUSINESS WIRE)--The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry during September 2012. The data reflects information on properties located in the 16 counties of the greater Triangle Region. The percentage changes are comparisons with the prior year’s month unless otherwise noted.

“Closed Sales have been on a steady increase for the past 15 months and there is no indication this will abate in the near future.”

Ray Larcher, President of Triangle MLS, Inc. said, “Closed Sales have been on a steady increase for the past 15 months and there is no indication this will abate in the near future.”

Closed Sales in September were up 19 percent over the prior year with a total of 2,001 units and New Listings in the Triangle Region increased 5.3 percent to 2,925. Pending Sales were up 25.3 percent to 1,971. Inventory levels shrank 23 percent to 12,927 units. The Median Sales Price increased slightly by 1.9 percent to $184,900, while the Average Price retreated by 1.5 percent. The ‘Days-on-Market’ category was down 12.5 percent to 114 days. The supply and demand balance stabilized as Months Supply of Inventory was down 33.7 percent to 6.9 months.

The Housing Affordability Index at 206 is 7.3 percent higher than last September. 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. This is the second best month in the past year.

“Most housing metrics should follow their usual, autumnal movements – higher inventory and days on market, fewer sales, lower prices. That applies only to month-to-month seasonal trends; most indicators should still show improvement on a year-over-year basis. As you already know, all real estate is local – down to the city and neighborhood levels and our major indices continue to show positive growth over the prior year,” Larcher concluded.