RALEIGH, N.C.--(BUSINESS WIRE)--For the North Carolina Triangle Region Housing market, it’s beginning to look a lot like Christmas! Home sales surged in November, moving the Region to its best performance in over four years. The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry during September 2012. Over 1,800 homes closed in November, a 24 percent increase from the same month in 2011 and should top 23,000 units for the first time since 2008. “Sales have now exceeded the prior year for the past 17 months, making it look very promising” says Raymond Larcher, President of Triangle MLS.
“Sales have now exceeded the prior year for the past 17 months, making it look very promising”
Homebuyers paid a Median Price of $197,574 last month, or $11,574 more than in November 2011 representing a 6.2 percent increase and the Average Price was up 6.1 percent as well at $231,347. The Housing Inventory continues to shrink with 11,887 homes on the market in November, down 23 percent from last year and the Average Days on Market was also down to 114 Days and 12 percent lower than last November. That gives us a six-month supply of homes at the current sales pace, the lowest since 2008.
The Housing Affordability Index is at 195 and is 2.4 percent higher than last November. This index measures housing affordability for the region and an index of 120 means the median household income was 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
“This November, there was a lot for which to be thankful. Homebuyers were grateful for historically low mortgage rates and still-affordable prices. Sellers were thankful for increased sales, less competition and faster market times. Both parties can be thankful for the slow yet steady economic recovery. Challenges persist, to be sure, going into 2013, but there is more reason for optimism than pessimism making for a great holiday season,” Larcher concluded.