Local Market Updates
* Updated by the 15th each month for prior month
AUGUST 2023 Market Reports
Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).
New Listings in the Triangle region decreased 17.2 percent to 3,817. Under Contract Sales were down 10.0 percent to 3,126. Inventory levels fell 17.1 percent to 5,561 units.
Prices were fairly stable. The Median Sales Price increased 0.7 percent to $407,990. Days on Market was up 31.3 percent to 21 days. Sellers were encouraged as Months Supply of Inventory was down 5.3 percent to 1.8 months.