Housing news is strong across the board ...
Posted October 17, 2012
What a great week for housing news so far, as the data has been both positive and plentiful for those of us in Triangle Housing.
The September Triangle Multiple Listing Data Report is now out, and the trend continues to impress… here are a few highlights.
- Closed sales for September were up 19% in year over year data.
- Days on the Market (DOM) decreased by 12.5% in year over year data.
- Inventories dropped by 23% in year over year data.
- Pending sales rose 25.3% in year over year data.
The takeaway here is obvious…housing fundamentals continue to strengthen as we make our way through the fourth quarter of 2012. In addition to the improving news, mortgage rates remain exceptionally strong.
We also received good news in the homebuilding sector this week. The October NAHB/Wells Housing Index rose to its highest level in six years, giving further support to a rebounding housing sector.
Housing Starts and Permits rose to their highest levels in four years this week. The September reports for both categories indicated increases of 15 percent and 11.6% respectively in month over month data.
Finally this week, while mortgage applications overall took a slight dip for the week ending October 12, purchase demand rose for that same period indicating further strength in the home purchase market.