Local Market Update – July 2020
Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.
New Listings in the Triangle region increased 9.0 percent to 4,903. Under Contract Sales were up 27.6 percent to 4,789. Inventory levels fell 37.0 percent
to 5,740 units.
Prices continued to gain traction. The Median Sales Price increased 7.1 percent to $299,900. Days on Market was up 3.8 percent to 27 days. Sellers were encouraged as Months Supply of Inventory was down 44.4 percent to 1.5 months.
While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.
Click on the links below for more detailed information about the Real Estate Markets in Durham, Orange & Chatham counties:
Durham County
Orange County
Chatham County
For information about how the local market affects your real estate needs, contact any of the real estate experts at Peak Swirles & Cavallito Properties.
