Average Re-Sales Home Prices Up 12 Percent Over Same Period 12 Months Earlier

Raleigh, NC -- (SBWire) -- 12/24/2010 -- The Triangle Multiple Listing Service, Inc. (TMLS) announced that the average sales price for a home re-sale in November for Durham, Johnston, Orange and Wake counties was $235,800, an increase of 12 percent over the same period 12 months earlier. While the current average sales prices are up 14 percent from November 2009, housing affordability is at an all-time high with the combination of prices and interest rates which continue at record lows.

There were 12,315 active listings within the four main counties, an increase of 6 percent over the same period 12 months earlier. Of this amount, 2,401 were for new home listings, a decrease of 12 percent as compared to November 2009, and 9,914 were for re-sale listings, an increase of 12 percent over 12 months ago.

The four-county market had 1,055 closed sales during the month. This was a decrease of 40 percent from the same period 12 months earlier. This downward trend is simply a reflection of the first-time home buyers tax credits given initiated by the government last year. We will continue to see these tax credits impact this year’s sales for the next four months.

The current supply of all housing within the four main counties is 12 months based upon closings in November, as compared to seven months in November 2009.

About Triangle MLS, Inc.
Triangle MLS, Inc. (TMLS) is a regional multiple listing service with a jurisdiction covering 16 counties in the greater Triangle region of North Carolina. TMLS provides a wide variety of valuable products, programs, and services for over 8,000 REALTORS® and appraisers. TMLS equips subscribers with tools to facilitate the home buying and selling process, encourages cooperation and efficiency between REALTORS®, and provides a single repository of property information in the Triangle region. Access to the multiple listing service (MLS) database maintained by TMLS gives subscribers access to over 20,000 active property listings at any one time. In addition, subscribers have the ability to retrieve historical property data and photographs from over 700,000 listings entered in the MLS since 1995. Through participation in TMLS, subscribers also gain access to additional products, programs, and services designed to help them build their real estate business and assist their clients. TMLS strives for accuracy and excellence by enforcing adherence to the organization's rules, regulations, policies, and bylaws which support industry professionalism, brings order and efficiencies to the real estate market place, and enhances cooperation between participants. TMLS is a wholly owned subsidiary corporation of the Raleigh Regional Association of REALTORS®. For more information, visit http://www.TriangleMLS.com.

Michelle Fowler
MMI Public Relations
(919) 233-6600
michelle@mmipublicrelations.com
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http://www.mmipublicrelations.com