6020 Creedmoor Road, Raleigh, NC 27612 ~ Cell: (919) 280-2726 Erin@HomesInRaleigh.org

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Raleigh Housing Market
June 2019

Homes in Wake County
Data from Triangle Multiple Listing Service

Closed Sales
Average Sales Price
Average Days On Market Until Sale
Number of Homes For Sale

June
2018
2,268
$356,377
19
4,156

June
2019
2,125
$358,713
22
3,997

Annual
Change
-6.3%
+0.7%
+15.8%
-3.8%

June - It's HOT! It's That Time ~ SPLASH

• Raleigh Closed Sales: Home sales dropped this month compared to last June. June sales were down by 6.3%.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last June The average price of homes sold in June was $358,713. That's an increase of 0.7% over last year in June

• Days On Market: The average days on market before a sale rose this month compared to last June. Average days on market for June was 22 days.

• Raleigh Active Listings: Active listings are down this month. Listings dropped 3.8% from last year in June.

The Second Quarter Brought Mostly Positive Metrics

June is when we look at the Second Quarter metrics to see how things are progressing. Our MLS Statistician highlights an interesting situation. As counterintuitive as it may seem, it appears that house prices are going up but monthly payments are down. "The national 30 year fixed rate in January was 4.46%; in June it had dropped to 3.8%. The June average was the lowest dating back to November of 2016. Applying the January rate to the January overall average sales price produced a monthly PI of $1,591. Applying the June rate to the June overall average sales priced produced a monthly PI of $1,580. The June overall average sales price was 24K higher than in January, but the drop in fixed mortgage rates reduced buyer sensitivity to house price increases. Rising prices typically produce lower sales, but that was not the case as noted in the increased 2Q sales compared to 2Q/18."

Not to get too deep in the weeds with this, but does forecast a bit. With the strong probability that the Feds will lower interest rates before the end of the year, this may add additional volatility to our third and fourth quarters. Buyers may be waiting and judging what is the best time to get the best rates.

There is always a plethora of information out there about Real Estate. It's very important, now more than ever, to have a strong Realtor who knows the market. Ask for guidance as you maneuver either as a buyer or seller.

If you've been thinking about selling your home, Now is the Time. We're always in need of good homes which are prepared for strong buyers. People are out there and They're Buying Now and both buyers and sellers are doing well. Don't delay getting your home in front of them. With this current shortage, you will be in prime position. If you're looking for a strong Seller agent, Please Contact us, we'd love to help you sell your home!

If you're looking for an Experienced, Knowledgeable Buyer Realtor to show you around the ins and outs of this market, we'd love to help. We specialize in the Triangle communities and surrounding areas. We sell a lot of homes and we know what we're doing. Contact us and we can help you too :-)

The Raleigh Housing Market Reports below will give you a detailed look inside the current and past Raleigh Area Housing Market.

If you have questions about the Raleigh Real Estate Market,
or what your Raleigh home is worth Email Us or Call us Today at 919-280-2726

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