Home Sales
-Nationally, existing August home sales reached their highest level since December 2006.
-According to NAR, housing market activity this August rose 2.4% from July.
-August’s sales of existing homes jumped 10.5% from August 2019.
Home Prices
-The median existing home price nationally for all housing types was $310,600 in August, up 11.4% percent from a year ago which is an all-time high.
-Home prices have continued to increase. This marks the 102nd consecutive month of year-over-year gains.
-Regionally, all four regions showed double-digit price growth from a year ago. The South had the largest gain of 12.3% followed by the West with an incline of 11.8%. The Midwest showed an increase of 10.7% and the Northeast had the smallest price gain of 10.4% from August 2019.
Inventory
-Inventory levels continue their decline. August’s inventory figures fell 0.7% from July.
-Nationally inventory levels plunged 18.6% compared with August of 2019.
-This would mark 15 straight months of year-over-year declines nationally.
-A balanced market (neither a Sellers’ Market nor a Buyers’ Market) is considered to be around a six-month supply.
Days on Market (DOM)
-A home is considered “on the market” from the day it is listed to the day it goes under contract.
-Nationally it is taking approximately 22 days for a home to go from listing to a contract in the current housing market. A year ago, it took 31 days.
Wake County Real Estate Data
Overall the real estate market continues to appear little affected by COVID-19, however the market continues to trend weaker at lower price points.
-Wake County has seen a 5-year decline in the availability of affordable housing. This is noted in each month's declining home sales below $300,000 since the first quarter of this year:
-In 2020’s first quarter 47% of sales were below $300,000. In June 43% were below $300,000, in July it was 42% and in August the percentage dropped to 38%.
-The housing inventory shortage is helping drive home prices higher. In August 2020, Wake County set a new high in monthly median prices at $341,000.
-New listings were down YTD -4.8% from 2019.
-Closed sales were up YTD +2.0% from 2019.
-Average sales price was up YTD +5.4% from 2019.
-Wake County’s average DOM for all properties hit 22 Days in August...up slightly from May’s ten year low of 20 Days. To put this into perspective, the average DOM in August 2010 was 87 and in August 2015 it was 46 Days.
-August saw higher sales volume in home sales priced between $550k-$1M, than previous months this year. In fact, existing home sales in the $550k - $1M range increased YTD +21.9% from 2019.
Making Sense of the Market and how it Affects You
There's a lot of information out there and it's important to understand what's relevant to you. Markets are fluid and the market value of the home you're buying or selling will vary based on many factors and current market trends. It's important to partner with someone with proven success and experience and who is passionate about serving you with your best interest in mind. As your trusted Greater Raleigh advisor, I bring a wealth of knowledge, expertise and strategies for successfully buying and selling within our local market atmosphere.
Mobile: 919-675-5366
E-Mail: Jean.Scott@kw.com
Two Locations to Better Serve You:
Raleigh: 4700 Homewood Ct., Suite 200, Raleigh, NC 27609
Wake Forest: 1744 Heritage Center Dr., Suite 201, Wake Forest, NC 27587
