Triangle home sales up again in August
Triangle home sales were up 21 percent in August, continuing the trend of double-digit year-over-year sale increases seen each month so far this year.
Durham County home sales were up 19 percent in August compared with the same month last year, while Wake County sales were up 20 percent, Orange County sales were up almost 51 percent, and Johnston County sales were up 15 percent, according to Triangle Multiple Listing Service data.
Stacey Anfindsen, a residential real estate appraiser and market analyst for Birch Appraisal group in Cary, said that while the sales increase in the four Triangle counties in August was “still really good,” he said it wasn’t to the same level seen in July, when sales in the four counties were up more than 30 percent.
Anfindsen said that resale home prices in the Triangle were up 2 percent, while price for all homes, including re-sales, was up 3 percent.
Durham County’s median sales price for all homes sold was down 1.1 percent to $178,000, and its average sales price was down 3.8 percent to $196,783.
Anfindsen said fluctuation of home prices can be an indicator of “who is buying houses in the market.” He said he believes the county’s price decrease was more related to more lower-price buyers in the month than a sign that prices started to decline again.
Anfindsen added that there are still parts of the market that are oversupplied, such as for homes priced above $400,000 in certain areas. In comparison, he said there are areas undersupplied with homes priced around $250,000.
“It’s a tale of two cities,” he said.
Anfindsen added that inventory is still down. However, he said the number of homes being listed on the market is back to 2008 levels following a decline between 2009 and 2011.
In Durham County in August, there was a five months’ supply of inventory on the market, which was down 28 percent. The total inventory of homes for sale was down 14 percent to 1,512 homes.