Triangle MLS, Inc. Reports Market Trends for May 2014

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RALEIGH, N.C., June 11, 2014 (GLOBE NEWSWIRE) -- The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry in the greater Triangle region during May 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.

Tessa Hultz, RCE, CAE, President, Triangle MLS and CEO for the Raleigh Regional Association of REALTORS®, reported that, "New listings in the Triangle region increased 8.0 percent to 4,585. Pending sales were up 3.5 percent to 3,298. Inventory levels shrank 2.3 percent to 14,626 units from 14,966 units in May 2013. Closed sales increased 2.0 percent to 3,189.

"The Median Sales Price increased 5.9 percent to $215,000 and Average Sales Price increased 1.6 percent to $246,593. The Days on Market category was down 5.1 percent to 93 days. Absorption rates improved as Months Supply of Inventory was down 13.5 percent to 5.9 months," Hultz concluded.

The Year to Date March Housing Affordability Index (HAI) was at 147, which is 8.4 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.

CONTACT: 919-654-5400

Source:Triangle MLS, Inc.