It has been two months since I last communicated with you. I have been waiting for a change and finally we are starting to see hints of a new trend. The number of single-family homes for sale is up, mortgage rates are lower, and the average sale price is down over the past month.
The local numbers are in for July 2024 and here is what is happening:
The average price of single-family homes is up slightly from a year ago but has dropped over the last month. Available homes for sale, while still low, is increasing.
The mortgage rate for a 30-year fixed has dropped to around 6.5% down from recent highs of close to 8%. Consequently, current homeowners holding mortgages with significantly lower interest rates may be less reluctant to sell.
Here is an update for the end of July:
A year ago, the average sale price of a single-family home in the Triangle was $ 528,079 and increased $ 4,853 to $ 532,932 by the end of July for a modest increase of 0.9%.
However, the average sale price has dropped over the last month! At the end of June, the average sale price was $ 541,037. That’s a drop of $ 8105 or 1.5%. Does one a month decrease a trend make? Only time will tell.
The number of homes for sale was 5,544 a year ago and increased by 465 to 6009 by the end of July for an increase of 8.4%. While still low for the Triangle real estate market, it is an improvement.
The month’s supply of homes listed on the local market was 2.6 months in July. Six months is considered a balanced market, so we are still experiencing a “sellers” market.
This market update is brought to you by Parlér Properties Real Estate Services. We provide real estate assistance for our clients buying or selling needs for residential, commercial and land properties. Contact Bill at 919-357-4641 or Hilda at 919-357-4649 for assistance with your real estate buying or selling needs!
Data is from InfoSparks, Triangle TMLS.
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