March TMLS data, housing starts strengthen
Posted April 16, 2013
Triangle Housing continues to strengthen as we begin the second quarter of 2013. TMLS data along with national housing starts provided some good news Tuesday morning for the housing sector.
March Housing Starts rose by 7% according to the latest report from the Commerce Department. The number of starts is the most we have seen since June 2008 and continues the momentum from last month’s aggressive numbers. The March data was significantly higher than consensus estimate.
March TMLS data is now in the books and the numbers continue to shine for the Triangle. Here are the data points for March that I feel represent an accurate snapshot of market conditions:
1. Closed Sales increased 25.1% in year over year data.
2. Median Sales price increased 4.3% in year over year data.
3. Days on Market decreased by 16.4% in year over year data.
4. Inventory of Homes for Sale decreased by 13.8% in year over year data.
Mortgage Rates continue flat trading through mid-day Tuesday. We may experience some volatility later in the week with the release of a number of economic data points.