January home sales in the Triangle kicked off the new year with an 11 percent increase in both the number of sales and in the average home sale price, according toTriangle Multiple Listing Service.
In January, 1,723 homes were sold in the 16 counties tracked by Triangle MLS, which was 11.2 percent more than the number of homes sold in January the year prior.
The average sales price was up 11.2 percent to $239,699, and the median sales price was up 10.8 percent to $198,000.
Pending sales, which is often used as an indicator of future closings, were also up 7.6 percent to 1,904 units in January.
“The same factors that catalyzed widespread market recovery in 2012 and 2013 are likely to continue in 2014, though perhaps at a more moderate pace,” says Tessa Hultz, CEO of Raleigh Regional Association of Realtors, which manages Triangle MLS. “That’s not a bad thing, since the market is returning to a stable, healthy state.”
Trends to watch for in 2014 include increased seller activity, more new construction and fewer foreclosures on the market, she says. Home sales in the Triangle rose 24 percent in 2013, and average home prices rose 4.5 percent.
The Housing Affordability Index for January dropped to 154, according to the report, a 17.8 percent drop from last year. The index measures housing affordability for the region, meaning that the median household income is 154 percent of what is necessary to qualify for the median-priced home under prevailing interest rates.