Triangle Area Real Estate News & Information

Single-family housing starts slipped by a minuscule amount in October, just the second month of eight for which starts fell. The new construction housing market continues to show strength, which lends credence to a strong 2013 housing market forecast.

The Housing Market Is Recovering Well From 2011.

What does that mean for folks here in the Durham, Chapel Hill, Cary real estate market? When you look at our Real Estate Market for December of 2012 compared to December of 2011 - you see just how positive this is!

• The number of sold homes in the Durham, Chapel Hill, Raleigh Market area has increased by 33%
• Homes in parts of Durham, Chapel Hill and Cary are selling for more money (Orig list price received is up over 2%)
• The number of Days a home in Durham, Chapel Hill and Cary stays on the Market until sale has decreased by over 10%
• The inventory of homes in Durham, Chapel Hill and Cary that are available has decreased by almost 21%
• The number of Months of Housing Supply / Inventory in several price ranges for has dropped to an amazing 4.7 months!

Click here to search for Homes in Durham, NC.

Single-Family Homes Up 35% In 12 Months

We can get a "clue" about the housing market by looking at the National Real Estate Market. Each month, the U.S. Census Bureau, in a joint release with the U.S. Department of Housing and Urban Development (HUD) releases its New Residential Construction report.

The report is comprised of three parts, each tracking a different phase of the new construction housing market. The three metrics are Building Permits, Housing Starts, and Housing Completions, of which the former two -- permits and starts -- are of highest import to most Durham Home buyers. Building Permits forecast future growth in the new construction market; Housing Starts suggest imminent growth.

On a National Level, as compared to one year ago, both measurements have shown marked growth:

• Single-Family Building Permits : +27% from October 2011
• Single-Family Housing Starts : +35% from October 2011

The strong market for a single-family new construction is one reason why today's home builders are as optimistic for housing as they've been since May 2006.

Last week, the National Association of Home builders showed homebuilder confidence rising to 46 in its November Housing Market Index. Readings under 50 are considered "negative" sentiment, but as compared to one year ago, the confidence metric has more than doubled from a reading of 19.

Homebuilders expect the momentum of 2012 to carry into 2013. To today's home buyers, that may mean higher home prices and fewer builder concessions. New Home sales prices are expected to rise through 2013.

Looking for a new home in Durham or Chapel Hill? Understanding the housing price trends and the National Housing Builder Trends is important - but remember that Real Estate is Local. What is happening in One Neighborhood - is not necesarrily happening in another - for that reason, it's important to rely on a LOCAL expert! Contact us online or call the folks at my NC Homes at (919) 659-5173.