Triangle home sales rose 10 percent in July, as the market continued to show strong growth despite extremely low inventory levels.
There were 2,924 homes sold in Durham, Johnston, Orange and Wake counties last month,Triangle Multiple Listing Services data show. Pending sales were up 13 percent.
Through the first seven months of the year, home sales are up 11 percent in the Triangle compared with the same period last year.
But the number of homes for sale continues to decline, falling 14 percent in July compared with the same period a year ago. New home listings were down 1 percent while existing home listings dropped 18 percent.
There are now just 6,892 homes for sale in the four-county region, a 43 percent decline from four years ago.
The average days on the market for the homes that sold was 43 days, down from 64 days in July 2014. Sixty-three percent of the homes that sold in July did so within 30 days.
Despite intense competition for some listings, many buyers are still obtaining financial concessions from sellers. Financial concessions were paid on 68 percent of the transactions in July, which is up from the 65 percent that were paid on closings during the ...