Entire Triangle Region Market Update
U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing-home sales may continue to pick up in the months ahead. New Listings in the Triangle region increased 24.9 percent to 2,667. Under Contract Sales were up 29.2 percent to 2,731. Inventory levels fell 3.4 percent to 7,172 units. Prices were a tad soft. The Median Sales Price decreased 4.5 percent to $370,000. Days on Market was down 6.1 percent to 31 days. Absorption rates were even with last year as Months Supply of Inventory remained flat at 2.2 months.
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