Blog
Buyer Demand Robust Heading into the Spring Market
U.S. existing-home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR). The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.
New Listings in the Triangle Region increased 4.3 percent to 4,121. Under Contract Sales were dead even with last year. Inventory decreased 12.0 percent to 5,826. Median Sales Price increased 2.6 percent from $389,000 to $399,000. Days on Market decreased 16.3 percent to 41. Months Supply of Inventory decreased 4.8 percent to 2.0.
The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide. According to NAR, total inventory grew 5.9% month-over-month and 10.3% year-over-year to 1.07 million units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing-home sales price up 5.7% year-over-year to $384,500, the eighth consecutive month of annual price increases.
Click on the links below for more detailed information about the Real Estate Markets in Durham, Orange & Chatham counties:
Durham County
Orange County & Chapel Hill
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. ©2024
-
Buyer Demand Remains Strong as Inventory Levels Drop
Local Market Update – January 2021 January started off strong for the housing market, with healthy buyer demand and strong market fundamentals. A robust increase…
-
Real Estate Out-Performs in a Dreary Year
Local Market Update – December 2020 December is normally one of the slowest months of the year but strong buyer demand across most segments of…
-
Housing Market Still Bustling as Holidays Near
Local Market Update – November 2020 November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record…
-
Buyer Competition & Home Prices Rise
Local Market Update – October 2020 October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time…
-
Housing Market Stays Hot as Weather Cools
Local Market Update – September 2020 Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the…
-
Signs Point to Busy Fall Housing Market
Local Market Update – August 2020 The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales…
-
Home Buyers Remain Resilient in Competitive Market
Local Market Update – July 2020 Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity…
-
Real Estate Activity Heats Up
Local Market Update – May 2020 While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much…
-
Real Estate Goes Virtual
Local Market Update – April 2020 Uncertainties in the market surrounding the coronavirus have presented a number of challenges within the real estate industry –…
-
COVID-19 Impact on Housing Market
Local Market Update – March 2020 As COVID-19’s impact spread across the country in March, the stock market declines started in February accelerated downward before…
-
Updates Regarding COVID-19
During this unprecedented time, Peak Swirles & Cavallito Properties is doing our part to help stop the spread of COVID-19 in our community. For the…
-
Low Rates and Growing Caution Among COVID-19 Spread
Local Market Update – February 2020 As we progressed through February, the actual and expected impacts of COVID-19 continued to grow, with concerns of economic…