Triangle Home Sales Up 16 Percent In October

The Triangle housing market continued to show steady improvement in October, with sales increasing 16 percent compared to the same period a year ago.

A total of 1,240 homes were sold in Durham, Johnston, Orange and Wake counties in October, Triangle Multiple Listing Services data show. Pending sales were up 11 percent and showings were basically flat, up 1 percent.

The Triangle market has posted double-digit year-over-year increases in recent months, in part because the recent numbers are being compared with a period after the federal home-buyer tax credits expired.

Those credits expired at the end of June last year, causing sales to drop off immediately afterward.

The market is also showing signs of returning to a better balance of buyers and sellers. The number of homes listed for sale in October was down 20 percent from a year ago.

There are also signs that investors are becoming more active in the market.

Cash buyers accounted for 20 percent of the people who bought homes in October, up 23 percent from a year ago.

Local real estate agents say sales are also being helped by a growing awareness among sellers of current market conditions.

The average price of the existing homes that sold in October was $207,000, down 10 percent from a year ago.
© 2011 The Associated Press. All Rights Reserved.


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