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Triangle MLS, Inc. February 2013; Real Estate Sales Start 2013 Strong

Triangle MLS, Inc. logo

RALEIGH, N.C., March 15, 2013 (GLOBE NEWSWIRE) -- The Triangle Multiple Listing Service, Inc. (TMLS) reports the following information pertaining to the housing industry during February 2013. The data reflects information on properties located in the 16 counties of the greater Triangle Region. The percentage changes are comparisons with the current year-to-date to the prior year unless otherwise noted.

The Triangle Region's real estate market started 2013 with Closed Sales exceeding last year's sales by 20 percent for the first two months with 3,184 units and Pending Sales up over 22 percent. Inventory levels shrank 13 percent to 12,804 units at the end of February. The Median Sales Price increased slightly by 4.6 percent and the Average Sales Price was up 2.2 percent. The 'Days-on-Market' category was down 11 percent to 119 days. The Months Supply of Inventory was down 28.4 percent representing just a 6.3 months supply for February, down from 8.8 months last February.

The Housing Affordability Index is at 206 and is .2 percent lower than last year. This index measures housing affordability for the region and an index of 120 means the median household income was 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.

Ray Larcher, President, Triangle MLS, Inc.m said, "The economy continues to grow, be it at a slow pace and sequestration is more of a nuisance than a perceived threat to our economy. However, there is significant pent-up demand to counteract it from renters, first-time buyers and investors. Housing continues to be very affordable, buyers are ready and sellers are seeing multiple offers." Larcher concluded, "As we go into the spring buying market things are looking bright for everyone."

The Triangle MLS, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=17621

www.trianglemls.com

www.rrar.com

CONTACT: Trish Rand 919.654.5400

Source:Triangle MLS, Inc.;Raleigh Regional Association of Realtors, RRAR