Let’s first examine briefly what is happening at the national level in regard to home sales.
Pending Home Sales Index (a leading indicator for housing activity is released during the first week of each month by the National Association of Realtors NAR), shows March with an increase in pending home sales. While this is good news for Raleigh home sellers, it is important to remember that all real estate is local. The Raleigh real estate market is not an exact mirror of the National market.
There is some good news for the local area, but there is also some sobering news as well.
According to the Triangle Multiple Listing Service (TMLS) report for Wake County for April 2011 there was a 0% change in Median Home Sales Price for April of this year when compared to April of 2010 ($205,000). This is good news for Raleigh home sellers.
More good news is found in the report in regards to inventory. The number of homes on the market for sale in the Triangle Multiple Listing Service in Wake County is down 29.5 % in April when compared to last year inventory to 8,512 properties. A lower the supply of homes will tend to push home prices up.
This is important because the number of closed sales of all housing types in Wake County in April was only 948 homes as compared to 1,311 during April of last year. Remember that April of last year was the end of the $8,000 Tax Credit which increased the Raleigh area home sales numbers.
The TMLS April report shows a 10.4 month supply of inventory which represents a very strong buyers market. While not all good news for Raleigh home buyers, the report provides mostly good news for Raleigh home buyers. Combine this week’s lowest home mortgage interest rates of the year and it is easy to see why it is a great time to purchase a home.
To read the full April 2011 Wake County Local Market Update click here: Raleigh area home sales statistics