Per the May report from Triangle MLS:
"After two years of record-setting activity, there are signs the housing market might be cooling. High home prices and a surge in mortgage interest rates are slowing buyer activity, with home sales declining for the third consecutive month under the weight of soaring homeownership costs.
The slowdown in sales has provided a much-needed lift to housing supply, with inventory up 10.8% from the previous month according to NAR, although supply remains down 10.4% compared to this time last year, with only 2.2 months’ supply of homes at the current sales pace."
In Chatham County, there was a 11.2% decrease in new listings in May. The number of closed sales decreased between 2021 and 2022, dropping from 624 to 525. Median sales prices also increased by 26.7 percent. In May, Chatham County median sales price was higher than the median sales price for all MLS listings.
In Durham County, closed sales have decreased 5.3 percent year to date. Median sales price has increased 28.2 percent when compared to May last year, moving from $317,00 to $406,500. Average sales price increased by 22.3% year to date. In May, the Durham County median sales price was higher compared to the median sales price of all MLS listings.
The number of listings in Orange County has decreased by 18.0 percent, from 1,004 new listings year to date last year to 823 new listings this year. There was a 0.8 percent decrease in closed sales. Additionally, median sales price increased by 16.1 percent, from $389,450 to $452,250. In May, Orange County median sales price were slightly below the median sales price for all MLS listings.
The number of listings in Person County has increased by 4.3 percent, from 211 new listings year to date last year to 220 new listings this year. There was a 0.5 percent decrease in closed sales. Additionally, median sales price increased by 13.2 percent, from $216,375 to $245,000. In May, Person County median sales price was below the median sales price for all MLS listings.
In Wake County, there was a decrease of 8.5 percent in the number of new listings year to date compared to last year. The number of closed sales decreased 11.9 percent. Median sales prices increased by 24.3 percent year to date, rising to $460,000. Compared to the median sales price for all MLS listings, Wake County median sales price were on par for May.
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