Durham County home sales up in June

Jul. 15, 2013 @ 05:22 PM

Continuing its positive streak, Durham County saw a 16 percent increase in closed home sales in June compared with the same month last year. However, the county’s median sales price was down 1.7 percent in the month.

Across the four Triangle counties of Durham, Orange, Wake and Johnston, closed homes sales were up 17 percent in June compared with last year, according to a Triangle Multiple Listing Services Local Market Update.
Wake and Johnston counties saw year-over-year median sales price increases in the month, while Orange County’s median price was down 10.8 percent. Total inventory was down 13 percent year-over-year in the month in all four counties.
“I always say, it’s back,” Asa Fleming, president of the Raleigh Regional Association of Realtors and a broker for Coldwell Banker Advantage in Raleigh, said of the Triangle housing market. “You have four years of pent-up demand being released onto the market - they can’t stay on long enough,” he added.
Fleming added that there aren’t enough homes on the market. The inventory of homes for sale in Durham County was down 16 percent in June, and down 13 percent in the month in the four Triangle counties.
There was a 5.8 months’ supply of inventory on the market in Durham County in June, which was down 28.5 percent.
“We’re actually needing people to put their homes on the market,” Fleming said.
In response to the drop in June in Durham County’s median sales price – the county’s median price was down 1.7 percent to $183,000 in June year-over-year – Fleming said buyers are looking for affordability. He said buyers are still looking to stay in a certain price range.
“They’re buying a little bit smarter,” he said, adding that the outlook has changed from a speculative view to more of a “let’s get a good deal from the jump” philosophy.
Donna DeLong, president of the Durham Regional Association of Realtors and a broker with Frank Ward Realtors, said she hasn’t seen decreases in prices. 
“This is a very busy real estate season,” she said. “I’m finding that multiple offers are driving the prices up.”