Triangle MLS, Inc.: Market Trends for April 2014

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RALEIGH, N.C., May 14, 2014 (GLOBE NEWSWIRE) -- The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry in the greater Triangle region during April 2014. The data shown reflects information on properties located in the 16 counties of the greater Triangle region. The percentage changes are comparisons with the prior year's month unless otherwise noted.

New listings in the Triangle region increased 1.3 percent to 4,563. Pending sales were up 1.2 percent to 2,944. Inventory levels shrank 4.0 percent to 14,218 units from 14,813 units in April 2013. Closed sales decreased 1.3 percent to 2,614.

Prices marched higher. The Median Sales Price increased 2.6 percent to $200,000 and Average Sales Price increased 2.7 percent to $239,320. Days on Market was down 8.4 percent to 98 days. Absorption rates improved as Months Supply of Inventory was down 17.3 percent to 5.7 months.

The Year to Date March Housing Affordability Index (HAI) was at 154, which is 11.2 percent lower than last year. This index measures how affordable a region's housing is to its consumers. An index of 120 means the Median Household Income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.

This index has always been a composite score based upon three factors: Median Sales Price, the prevailing interest rate and the Median Household Income for the region. The methodology used to report the HAI has been updated so that the tax burden component of the monthly PITI (principal, interest, taxes, and insurance) payment is no longer a flat $2,000/year ($166.667/month) fee, but now amounts to 1.0% of median sales price/year or (.01/12) for the monthly calculation. The adjustment was applied retroactively, so all months of all years use the same method.

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Source:Triangle MLS, Inc.