Triangle home sales rise 10 percent in July

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WASHINGTON (AP) – Sales of new homes rose last month to the highest level in more than a year as strong activity in the south offset weakness in the rest of the country. The Commerce Department.

Triangle home sales rose 10 percent in July, as the market continued to show strong activity despite extremely low inventory levels. There were 2,924 homes sold in Durham, Johnston, Orange and Wake.

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New home sales, which account for about 10.5 percent of housing market sales, decreased in the West (-35.9 percent to 125 thousand) and Northeast (-17.6 percent to 28 thousand), but rose in the South (4.9 percent to 389 thousand, the highest level since July 2007) and Midwest (6.3 percent to 84 thousand).

Denver home values have gone up 2.0% over the past year and Zillow predicts they will fall -0.1% within the next year. The median list price per square foot in Denver is $383, which is higher than the Denver-Aurora-Lakewood Metro average of $269.

US existing home sales is at a current level of 5.34M, up from 5.21M last month and down from 5.40M one year ago. This is a change of 2.50% from last month and -1.11% from one year ago.

NAHB compiles annual, quarterly and monthly (not seasonally adjusted) data for new and existing homes. This includes regional sales, nationwide sales and inventory, and median prices.. Additional information is also available in the U.S. Census Bureau’s most recent press release and the methodology of its data compilation.

Single-family home inventory declined 8.5 percent from 1,763 in 2015 to 1,613 listed homes in 2016, while condo inventory fell 24 percent from 96 in 2015 to 73 listings in 2016. Overall in 2016 housing sales are up, with year-to-date home sales at 3,812, an increase of one percent over the 3,772 closings for the same period last year.

Pending home contracts become sales after a month or two, and last month’s increase suggested further gains in home resales, which reached an 8-1/2-year high in July. Economists had forecast.

The Triangle now has a three months supply of homes at the current pace of sales, down from nine months five years ago. “Demand is so tight at some point prices are going to rise. 17 percent lower..

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