Triangle homes still continue to sell quickly. According to market indicators reported by Triangle MLS as compared to July 2015, New Listings in the Triangle region decreased 1.7% to 4,242 and Under Contract Sales were up 11.6% to 3,592. Inventory levels fell 17% to 9,038 units. The Median Sales Price increased 7.7% to $236,850. Days on Market was down 19.6% to 41 days and Months Supply of Inventory was down 22.5% to 3.1 months.
Across the Triangle, the Median Home Price dropped slightly after peaking in June. Despite the modest drop, home prices are still boasting the highest values in a decade. Inventory continued to move quickly as Days on the Market steadily declined, a trend we’ve seen since early 2016. New Listings and Under Contract sales also decreased slightly, resulting in Available Inventory and Months Supply of Inventory levels beginning to increase. However, the inventory of homes less than $300,000 continues to remain limited.
