The Triangle housing market continued its strong performance this summer, with sales increasing 8 percent in August compared with the same period a year ago.
There were 2,634 homes sold in Durham, Johnston, Orange and Wake counties last month, Triangle Multiple Listing Services data show. Pending sales were up 10 percent.
But the inventory of homes on the market continues to decline, falling 10 percent in August compared with the same period last year. New home listings rose 3 percent, while existing home listings dropped 14 percent.
The Triangle now has 6,985 homes on the market, down 10 percent from a year ago and off 39 percent from four years ago.
The lack of inventory, combined with steady demand, is helping raise home prices. The average sales price of homes that sold in August was $271,400, up 5 percent from the same period a year ago and up 14 percent from four years ago.
Homes that are in good condition and priced correctly continue to sell quickly. Sixty-three percent of existing homes that sold in August did so within 30 days.
Still, there are signs that the housing market recovery may not be as robust as it appears.
The percentage of sellers that paid financial concessions in August was 68 percent, up from 52 percent during the same period a year ago.