RALEIGH, N.C., May 13, 2013 (GLOBE NEWSWIRE) -- The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry in the greater Triangle region during March 2013. The data shown reflects information on properties located in the 16 counties of the greater Triangle Region. The percentage changes are comparisons with the prior year's month unless otherwise noted.
Closed sales continue on an extended positive trend through April with Closed Sales up 37 percent over April of 2012 (2,635 units). Pending sales (homes under contract, but not yet closed) also exceeded last April by over 36 percent.
New Listings in the Triangle region increased 17 percent to 4,448 units for April. Total inventory levels shrank by 12.1 percent in April (14,288 units) from 2012. The months supply of available inventory shrank by 29.7 percent leaving only a 6.7 months supply. Housing prices continued to improve in April with Median Sales Price up 2.2 percent to $194,175 and Average Sales Prices also up 3.5 percent to $231,914. Days on Market decreased 14 percent to 107 days from last April, which is the lowest level we have seen since September 2010 when federal tax credits were stimulating sales.
The Housing Affordability Index was at 199, which is 3.2% higher than last year. This index measures housing affordability for the region and an index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
Ray Larcher, President, Triangle MLS, Inc. said, "While new listings increased in April over last year inventory remains low which is creating bidding wars in popular areas and price ranges."
"Despite the competitive landscape for buyers, housing remains one of the brightest lights in an otherwise subdued economic recovery," Larcher concluded.