July 20, 2011
Positive News for the Triangle Real Estate Market: Pending Sales Up 16 Percent from June 2011
RALEIGH, N.C., July 20, 2011 /PRNewswire-USNewswire/ -- The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry in the greater Triangle region during June of 2011. The data shown below reflects information on properties located in the 16 county area of the greater Triangle region.
Average sales prices for the region were up 3.3 percent from the previous month, but were down from last June 3.0 percent. The median sales prices were up slightly by .4 percent over the previous month and also showed a decrease over last June of 4.6 percent.
The Housing Affordability Index for June continues to remain at the near record level of 179, which is an increase of 8.6 percent over last year and a positive indicator for housing affordability. This index measures housing affordability for the region. This marks the eleventh month the index has exceeded the 175 mark. An index of 120 means the median household income was 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
The current supply of all housing within our system is 11.4 months based on June closings, up 11.6 percent from last year, while new listings decreased by 13.4 percent.
About Triangle MLS, Inc.:
Triangle MLS, Inc. (TMLS) is a regional multiple listing service with a jurisdiction covering 16 counties in the greater Triangle region of North Carolina. TMLS provides a wide variety of valuable products, programs, and services for over 7,000 REALTORSÃ® and appraisers. TMLS equips subscribers with tools to facilitate the home buying and selling process, encourages cooperation and efficiency between REALTORSÃ®, and provides a single repository of property information in the Triangle region. Access to the multiple listing service (MLS) database maintained by TMLS gives subscribers access to over 20,000 active property listings at any one time. In addition, subscribers have the ability to retrieve historical property data and photographs from over 700,000 listings entered in the MLS since 1995. Through participation in TMLS, subscribers also gain access to additional products, programs, and services designed to help them build their real estate business and assist their clients. TMLS strives for accuracy and excellence by enforcing adherence to the organization's rules, regulations, policies, and bylaws which support industry professionalism, brings order and efficiencies to the real estate market place, and enhances cooperation between participants. TMLS is a wholly owned subsidiary corporation of the Raleigh Regional Association of REALTORSÃ®. For more information, visit http://www.TriangleMLS.com.
SOURCE Triangle MLS, Inc.