Interactive maps show new home listings, sales down across Triangle. Here’s the upside.

Chantal Allam
Scott Sharpe/ssharpe@newsobserver.com

Home sales and listings are down by double digits year-over-year across the Triangle, according to the latest data from national real estate firm Redfin.

But here’s the upside: That means inventory is rising.

The number of homes for sale across the Triangle region is hovering around 5,508 this month, the latest data from Triangle Multiple Listings Service (TMLS) reveals. That’s up from 2,184 this time last year, a 150% hike.

“For buyers, it’s great news,” Matt Fowler, executive director of TMLS, a real estate listings platform covering eight local counties, told The N&O.

“Rates are down some from the highs a few weeks ago and appear to be on track to fall below 6% this summer. Buyers have twice as many homes to choose from, thousands more, than in the recent past. With rates returning to a more reasonable level and choice on the rise, buyers are in better shape now than they have been in years.”

New listings dropped to 1,996 in December, down from 2,795 year-over-year, TMLS reported. That’s a 29.7% drop.

Closed sales, meanwhile, slid to 2,749, down from 4,124 compared to last year — a 33.3% slide.

Fowler said the downturn is cyclical.

“New listings always fall over the holidays and come back,” he said. “That behavior was a little more pronounced than in recent years, but it’s not far outside of the pattern. Rates probably caused people to hold their plans. If they were moving, the cost of the new house would have risen because of the rates as well.”

A new TMLS market update is set to be released later this week. It already shows new listings on the comeback, he said.

“Basically, it means everything is starting to look more like a normal market,” Fowler said. “We’re eager to see rates come down a little more so that housing can be a little more affordable.”

An interactive map, powered by data from Redfin, shows the percent change in new home listings by county for the week of Jan. 23 compared to the same period last year.

Among the highlights:

  • In Wake County, new listings stood at 2,869, down 26%.

  • In Durham County, new listings stood at 739, down 37%.

  • In Orange County, new listings stood in at 199, down 44.72%.

  • In Chatham County, the week ended with 177 listings, down 30%.

  • In Johnston County, new listings stood at 869, down 23%.

A second interactive map shows the percent change in total home sales by county for the week ending Jan. 23. Among the highlights:

  • In Wake County, 3,445 homes sold, down 29%.

  • In Durham County, 861 homes sold, down 40%.

  • In Orange County, 312 homes sold, down 37%.

  • In Chatham County, 236 homes sold, down 29%.

  • In Johnston County, 816 homes sold, down 34%.

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