Home prices in North Carolina and across the U.S. are reaching all-time highs. Compared to the last extended run of price increases, lending standards are now much stronger than they were before.
New Listings in the Triangle decreased 2.4% to 4,608. Under Contract Sales were up 3.3% while Inventory levels fell 12%.
Prices continued to gain traction. The Median Sales Price increased 8.7% to $252,615. Days on Market was down 12.5% to 42 days, meaning that homes are selling faster than this time last year. Sellers were encouraged as Months Supply of Inventory was down 19.4% to 2.5 months. That means that we are low on inventory and if no other homes come onto the market, we only have enough inventory for less than 3 months.
Although we continue to battle an inventory shortage, optimism remains high for a successful summer for buying and selling homes.
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