Home sales, mortgage applications on the rise
Posted September 12, 2012
We’re seeing continued strength in Triangle housing, as we review the most recent TMLS sales data out for August. Home Sales improved by 21.6 percent in year-over-year data.
The median sales price was up almost 4 percent for the same period, and the days on the market metric decreased by almost 9 percent. One additional important data category – home inventories – dropped by 25.3 percent.
This is great news for sellers as it removes some downward price pressure, but not as strong for buyers. If they have fewer homes to choose from, then demand will increase and prices will begin to rise again as we’ve seen in the trending data.
Overall this is exactly the directional movement that we’ve been looking for here in the Triangle. We believe this trend will continue given that Triangle housing fundamentals are strong.
Mortgage applications for the week ending Sept. 7 were up double digits according to the MBA. Applications rose by 11.1 percent for the week, with refinances leading the way with an 11.9 percent increase and purchases rising 8.1 percent for the week as well.