Local Market Update – August 2020
The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.
New Listings in the Triangle region decreased 1.7 percent to 4,407. Under Contract Sales were up 34.8 percent to 4,930. Inventory levels fell 44.7 percent to 5,106 units.
Prices continued to gain traction. The Median Sales Price increased 9.1 percent to $304,500. Days on Market was down 20.0 percent to 24 days. Sellers were encouraged as Months Supply of Inventory was down 51.9 percent to 1.3 months.
As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.
Click on the links below for more detailed information about the Real Estate Markets in Durham, Orange & Chatham counties:
Durham County
Orange County
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.
