Raleigh, N.C. — Wake County's slowly improving housing market got more good news recently, as the National Association of Home Builders predicted that home building could be back to normal by the end of 2013.
Home construction is up 27 percent compared with this time last year, despite only 1,500 new homes being on the market in the county.
The increase in new homes is good news for builders participating in the 47th annual Parade of Homes, an event that gives buyers a chance to tour more than 200 homes on display across Raleigh and Wake County. This year's tour is focused on outdoor living spaces and multigenerational living. Only four homes are priced over $1 million.
"It really is a phenomenal growth when you look at where the market was and where it is today," Tim Minton, with the Wake County Home Builder Association, said Saturday. "The National Home Builders predict that our market will be at 92 percent of normal market by the end of the year."
A report by Triangle Multiple Listing Service in September also provided a positive outlook for home sales in Wake, Durham, Orange and 13 other counties. According to the industry organization, sales are up, inventory is down and homes are holding on to more of their property value.
New listings were up 7.5 percent to 3,240 in August, compared with the same month last year.
Pending sales in August were up 26.4 percent to 2,310, compared with the same month last year.
Inventory levels shrank 25.3 percent to 13,052 in that time, while the median sale price increased 3.8 percent to $192,000, according to the report.
The Parade of Homes continues Sunday, and will also run on Oct. 12-14 from noon to 5 p.m.