Triangle home sales increase 32 percent in October

The Triangle housing market’s run of strong sales months has continued into the fall, with sales increasing 32 percent in October compared to the same period a year ago.

There were 1,631 homes sold during the month in Durham, Johnston, Orange and Wake counties, Triangle Multiple Listing Services data show.

Pending sales were up 34 percent while showings increased 16 percent. The average days on the market of the homes that sold in October was 114 days, down from 123 days during October of 2011.

The average price of the homes that sold in October was $233,800, up 3 percent from the previous year.

The Triangle has recorded double-digit increases in sales in each of the first three quarters of 2012. The region’s recovery is being driven by rising sales and a dwindling supply of homes on the market.

There were 8,474 homes listed for sale in October, down 20 percent from the same period last year and off 35 percent from two years ago. The Triangle now has a 5-month supply of homes on the market at the current pace of sales.

“Inventory keeps decreasing, that’s the biggest issue,” said Stacey Anfindsen, a Cary appraiser who analyzes MLS data for area real estate agents. “… I’m kind of amazed that the decreases are still at the 20 percent mark.”

He noted that at one time it was a big deal when the Triangle’s inventory of homes fell below 10,000 homes.

“Now we’re below 9,000,” he said. Anfindsen predicts just a few more months of inventory declines before things level out.

New home construction also appears to be ramping up as builders prepare for next year’s spring selling season.

The number of new single-family permits issued in Wake County in October was 83 percent higher than during the same period last year. Permits are up 30 percent in Wake through the first 10 months of this year.

By David Braken, [email protected]  Published in Real Estate News