September 1, 2022: This morning, Triangle MLS pending homes sales dropped to the lowest number we have seen in years. Only 6,.993 homes are under contract in the 16 county base area covered by the multiple listing service.
That is down from 9,008 one year ago (September 1, 2021). While pending sales continue to drop, the number of active listings has more than quadrupled since March 15, 2022. On that date, there were 1,280 active listings and today, September 1, 2022, there are 5,558 active listings.
The good news for buyers is that there are more homes to choose from. The down side is that prices and interest rates are up from one year ago. Home prices are still advancing at more than 18% annual rate nationally and interest rates hovering around 6%, almost double from March.
The good news for sellers is that buyers are still out there looking for a home. The bad news is that sellers are now having to fix issues that have been previously deferred in their homes, while also realizing that buyers are no longer paying $25,000 to $50,000 over list price.
For more information, speak to your local Realtor for local expertise.