Triangle Housing Market on Steady Course
The booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability remains a concern. Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more common.
New Listings in the Triangle region increased 7.9 percent to 3,103. Under Contract Sales were up 2.6 percent to 2,725. Inventory levels rose 0.1 percent to 8,352 units.
Prices continued to gain traction. The Median Sales Price increased 5.9 percent to $269,900. Days on Market was down 5.7 percent to 33 days. Absorption rates were even with last year as Months Supply of Inventory remained flat at 2.5 months.
The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single family home construction projects in the face of rising mortgage rates and fewer showings.
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.
*All data from Triangle Multiple Listing Service, Inc. ©2018
