Just like Housing Starts the prior week, New Home Sales closed out 2017 at their highest annual total in a decade, 14.1% ahead of a year ago. They were down 9.3% in December, but the post-hurricanes boost is over. Read more.
Here in the Raleigh/Durham market, new home sales account for over 46% of the active listings in TriangleMLS, according to Raleigh Realtor, Brian Pate with Keller Williams Preferred.
“The biggest challenge that we have is inventory and new homes will have to help make up that ground that we have lost over the last 10 years,” Pate said.
Existing Home Sales ended the year in even better shape, posting their best totals since 2006. They slipped 3.6% in December, but still finished 1.1% up from a year ago. Demand stays strong, but inventories are a concern in many markets.
Because of those inventory concerns, homes for sale at $300,000 and below have a median days on the
market of only 2 days according to Pate. “Buyers below $300,000 should get pre-approved for a loan and then be prepared to go above list price in order to purchase the home they have targeted. If they try to negotiate, t
hey will be beaten by another offer,” he said.
The latest Mortgage Bankers Association Weekly Applications Survey reported the seasonally adjusted Purchase Index up 6%, to its highest level since April 2010.