Durham County up 44+ percent & Wake County up 23+ percent over last February 2011.
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 continued an eight-month positive trend through February. Sales in February were up 27 percent over February of 2011. July 2011 through February 2012 showed a 12.5 percent increase over the same time period last year. Each of the four primary counties showed significant growth over last year. Durham County topped the list with a 44.1 percent increase. The other three counties also significantly increased with Johnston County at 32.3 percent, Wake County at 32.1 percent and Orange County at 28.8 percent. Several local municipalities/areas with the largest increases over last February were Durham South up 73.3 percent; Garner up 58.3 percent; Durham East up 50.0 percent; Inside-the-Beltline in Raleigh up 48.1 percent and Knightdale/Wendell/Zebulon up 35.6 percent.”
Pending sales (homes under contract, but not yet closed) also exceeded last February by 29 percent, a trend that has continued for the past ten months. Total closed sales for the region were 1,475 units.
New Listings in the Triangle region decreased 12.3 percent to 3,182 units for February. Inventory levels shrank 25.3 percent in February to 13,189 units. Prices continued to soften in February with the Median Sales Price down 2.6 percent to $174,250 since last February. One exception was Wake County which showed a 2.6 percent increase. Days on Market increased 10.4 percent to 134 days. Absorption rates improved as Month’s supply of Inventory was down 24.7 percent to 7.9 months.
The Housing Affordability Index was at 206 which was one of the highest rates in the past five years. This index measures housing affordability for the region. An index of 120 means the median household income is 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
“Consumer confidence is as high as it has been in a year, and the Federal Reserve reported growth in all of its 12 banking districts in 2012 through the first half of February, including more hiring and home sales. The economy and housing markets have by no means recovered, but there is room for cautious optimism,”
Source: Triangle MLS