Lackluster July home sales in Triangle expected to be temporary

Although the pace of home sales in July slowed in the Triangle compared to previous months, closings so far in August are already up 22 percent over last year.

That’s according to a closer review of the Triangle Multiple Listing Service data according to agent Bo Bromhal after the July Triangle MLS report showed that home sales in the Triangle were up only 0.1 percent – or a total of four additional units sold – in the month compared to the year prior.

“August sales will be strong,” Bromhal promises. “Homes under contract at the end of July were up 10 percent from 2015. With unit sales year-over-year still so strong at almost a 9 percent increase, this tells me that the quantity of sales is overwhelming the lending system, and they’re experiencing delays.”

Bromhal says many of the mortgage lenders he’s communicated with are recommending up to two weeks extra to close on a home compared to typical timeframes.

In July, the number of new listings was actually down 1.7 percent while demand for houses increased, meaning that buyers had fewer options to from which to choose. The available inventory of homes for sale is still around three months, the same it’s been for the past nine months in the Triangle.

The average sales price also bumped up 7.5 percent to $279,269 for the Triangle region in July. The average price for a home sold in Wake County had surpassed $300,000 for the first time in local history in June and July.

 

by: Amanda Hoyle, TBJ Staff Writer

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