The Durham Regional Association of REALTORS® and The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the Durham housing market in June 2017. The data shown reflects information on properties located in Central, East, North and Southern Durham.
Quick Facts for Durham County June 2016 versus June 2017:
- New listings decreased 1.8 percent to 549
- Under Contract Sales were down –5.1 percent to 572
- Inventory levels fell 25.9 percent from 892 to 661 units
- Median Sales Price increased 8.9 percent to $235,250
- Days on Market reflected decrease of 13.3 percent to 26 days
- Supply of Inventory was down 30.4 percent to 1.6 months from 2.3 months
Quick Facts for the Entire Triangle Region June 2016 versus June 2017:
- New Listings in the Triangle region decreased +0.2 percent to 4,680
- Under Contract Sales were up 1.8 percent to 4,348
- Inventory levels fell 13.7 percent to 8,333 units
- Median Sales Price increased 6.1 percent to $260,000
- Days on Market was down 12.5 percent to 25 days
- Months Supply of Inventory was down 21.2 percent to 2.6 months
There has been a general slowdown in sales across the country, and this cannot be blamed on negative economic news. Unemployment remains low and wage growth, though nothing to overly celebrate, has held steady or increased for several years in a row. There is strong demand for home buying, emphasized by higher prices and multiple offers on homes for sale in many submarkets. As has been the case for month after month – and now year after year – low inventory is the primary culprit for any sales malaise rather than lack of offers.
With job creation increasing and mortgage rates remaining low, the pull toward homeownership is expected to continue. Yet housing starts have been drifting lower, and some are beginning to worry that a more serious housing shortage could be in the cards if new construction and building permit applications continue to come in lower in year-over-year comparisons while demand remains high. Homebuilder confidence suggests otherwise, so predictions of a gloomy future should be curbed for the time being.
Source: Triangle Multiple Listing Services
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing over 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Local market reports for June 2017: