Good news for homeowners: The average sales price of Triangle homes continues to show healthy gains from a year ago.
The average price of all homes sold in June – both new and resale homes – rose 6 percent from a year ago to $315,200. The average price of just resale homes climbed 7 percent, hitting the $300,000 mark for the first time ever, according to the latest Triangle Multiple Listing Service report for Wake, Durham, Orange and Johnston counties.
Sales prices in the Triangle have risen year over year for 38 consecutive months.
“We’re moving on up,” said Stacey Anfindsen, a Cary appraiser who analyzes the MLS data.
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A continued shortage of inventory is helping to drive the increased sales prices. The number of houses listed during the second quarter fell 3 percent compared with a year ago, while the June listings were 1 percent lower than in June 2016.
But that inventory shortage isn’t across the board. Homes priced below $400,000 are in short supply, while there’s an oversupply of houses priced above $700,000, Anfindsen said.
Houses priced below $350,000 often trigger bidding wars, Anfindsen said, with 28 percent of the homes sold during the quarter fetching more than the final list price.
When it came to pending listings during June, the average list price fell 6 percent while the average price per square foot declined 2 percent.
Although that can be a leading indicator of future sales prices, Anfindsen is assuming for now that the June declines were an anomaly.
“It’s almost economically impossible when you have an undersupply” for sales prices to go down, Anfindsen said.
“To me, it’s more of an indicator of greater demand for lower-priced housing and lower demand for higher-priced housing,” he said. As a result, more lower-priced homes are on the market.