The News and Observer reported today that Triangle home sales increased 35% in February. As a full time Broker, I can say that home sales have picked up significantly over the last couple of years. I could not agree more with this article. I think that there has been pent up demand, an improving economy, and declining prices. Buyers are stating to take advantage of the excellent mortgage rates that can still be gotten.
The article indicates that the number of homes on the market has fallen 26%. In the last week, I did a market analysis for a client and when I looked at the amout of inventory on the market in their price range I was astounded. For the first time in 2.5 years, there was 5 months of inventory which is the dividing line between a buyers and sellers market. I have been seeing more like 10+ months of inventory.
It is looking like the housing market is starting to recover. We may actually be just past hitting bottom. This is encouraging news. I will be watching the market closely, as always, but particularly over the next few months.
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