By David Bracken The News and Observer
Tags: home sales | Triangle MLS | Triangle real estate
Triangle home sales jumped 35 percent in February compared to the same period a year ago as the market showed increased signs of life ahead of the spring selling season.There were 1,204 homes sold in Durham, Johnston, Orange and Wake counties in February, data from Triangle Multiple Listing Services show. That’s the most homes sold in the month of February since 2008.
Pending sales were up 30 percent and showings increased 9 percent.
Sales activity in the early months of this year is expected to provide a better gauge of the overall health of the market because the influence of the federal homebuyer tax credits is waning.
The increase in sales activity is a sign that the balance of supply and demand may be finally coming into balance. The number of homes on the market has been falling for months, and was 26 percent lower in February than it was during the same period a year ago.
The Triangle’s housing inventory increased just 3 percent from January to February — a time in which traditionally many people put their homes up for sale. The region currently has an 8 month supply of homes on the market at current rate of sales.
The average selling price also continues to fall. The average price of all the homes that sold in February was $216,600, down about 9 percent from the same period four years ago.
Read more here: http://www.newsobserver.com/2012/03/14/1930946/triangle-home-sales-jump-35-percent.html#storylink=cpy
