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Regional Spotlight: Re-Sales Home Prices Up 4 Percent, Reports Triangle MLS

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RISMEDIA, November 29, 2010—The Triangle Multiple Listing Service, Inc. (TMLS) announced that the average sales price for a home re-sale in October 2010 for Durham, Johnston, Orange and Wake counties was $230,500, an increase of 4% over the same period 12 months earlier. While the current sales figures are down, housing affordability is at an all time high with the combination of prices and interest rates which continue at record lows.

There were 13,135 active listings within the four main counties, an increase of 9% over the same period 12 months earlier. Of this amount, 2,475 were for new home listings, a decrease of 9% as compared to October 2009, and 10,660 were for re-sale listings, an increase of 14% over 12 months ago.

The four-county market had 1,067 closed sales during the month. This was a decrease of 40% from the same period 12 months earlier. This downward trend is simply a reflection of the first-time home buyers tax credits initiated by the government last year. We will continue to see these tax credits impact this year’s sales for the next five months.

The current supply of all housing within the four main counties is 12 months based upon closings last month—the same amount as there was in October 2009.

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