After a quiet week last week, the markets are back to full force this week. Mortgage rates have descended again after rising slightly post Fiscal Cliff vote. European concerns, debt ceiling worries and domestic economic headwinds continue to weigh on the markets here at home.
Fortunately we are still riding the strong housing momentum wave from 2012 with the delivery of another round of excellent Triangle Housing data from the Triangle Multiple Listing Service. In their December report we learn that year over improvements continue to be the norm in most categories. Here are a few examples:
- Closed Sales increased by 26.6%.
- Days on Market decreased by 8.6%.
- Inventory levels declined by 16.4%.
- Months’ supply declined by 30.8%.
All of these key metrics point to the continued strengthening of Triangle Housing fundamentals. A good sign as we finish off the first half of January.
To complement the TMLS data, CoreLogic reported today that home prices nationally improved by 7.4% in November.
That increase is the largest monthly improvement since May 2006, and provides a wealth of confidence for sellers as we enter the spring home selling season here in the Triangle.