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.

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For the first time in over a year we are beginning to see some positive changes in several of our monthly indicators. Pending Sales (homes under contract, but not yet closed) are up 16 percent over last June and making the second month in a row we have exceeded last year. The number of homes shown to potential buyers in June was also up 9 percent over last June. Sales continue to increase on a monthly basis with June sales reflecting the trend of sales increasing each spring with sales up 17.6 percent over May. While June sales are down 20 percent from the previous year, this figure continues to reflect the impact of Federal Tax Credits available for the first three quarters of last year. Sales year-to-date for 2011 are averaging at the same levels we experienced in 2001. With the increased number of pending sales, we anticipate that July closed sales will outpace those of the previous year.

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 REALTORS® and appraisers. TMLS equips subscribers with tools to facilitate the home buying and selling process, encourages cooperation and efficiency between REALTORS®, 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 REALTORS®. For more information, visit http://www.TriangleMLS.com.

SOURCE Triangle MLS, Inc.