Many are finding themselves unable to buy homes in Triangle’s competitive housing market — where sellers can get $20,000 to $100,000 more than average, and there are far too few homes for sale to meet demand.
>>> THE TRIANGLES HOT HOUSING MARKET IS HOLDING STRONG. A NEW REPORT FROM THE FEDERAL GOVERNMENT SHOWS THAT SALES AND CONSTRUCTION OF NEW HOMES GREW IN THE MONTH OF JUNE. HERE’S MORE ON THAT STORY FROM MATT TALHELM. >> Reporter: IN THIS AREA SOLD SIGNS ARE UP ON HOMES UNDER CONSTRUCTION. THIS IS THE FOUNDATION ONLY. THEY HAD ENOUGH TO MEET THE SIX MONTHS OF DEMAND. THERE IS NOW ENOUGH TO MEET TWO WEEKS WORTH OF FIRE DEMAND. CHRIS MORTENSEN CLIENTS PUT OFF THEIR MOVE FROM NEW JERSEY TO RALEIGH EARLY IN THE PANDEMIC. >> WE WERE READY TO MOVE TOMORROW. >> Reporter: RIGHT NOW THEIR OPTIONS ARE LIMITED. SCENE I WAS HOPING WE WOULD HAVE FOUND A FEW HOUSES TO CHOOSE FROM. >> Reporter: THE LATEST UPDATE SHOWS A 17% INCREASE IN INVENTORY FROM MAY TO JUNE. THAT IS 60% FROM JUNE 2020. ACTIVE HOMES IN THE MARKET ARE 1500. WHICH IS LOW WE SHOULD BE CLOSE TO 10,000. CONSTRUCTION PERMIT POINT TO NEW HOMES TO COME. SINGLE-FAMILY HOME PERMITS DRIVE BY 5% FROM MAY TO JUNE. WRAL REQUESTED PERMIT TOTALS FROM COMMUNITIES ACROSS THE TRUNCAL. IN SEVERAL TOWNS DID SEE A DECREASE. NEW HOME BUILDING PERMIT ARE DOWN YEAR-TO-YEAR. GARNER JUMPED 235%. JASON PARKER BREAKS DOWN WHAT THIS MEANS FOR THE TRIANGLE MARKET. >>> WE ARE COMING UP ON THE END OF SUMMER AND YOU MAY SEE SOME CHANGES THAT OCCUR IN THE REALIST DATE MARKET. JUST BECAUSE THERE ARE CHANGES THAT DOESN’T MEAN THAT THEY ARE PERMANENT. >> Reporter: MARTIN IS WORKING WITH 40 BUYERS. WITH MORE LOOKING TO MOVE HERE EVERY DAY. >> WHEN YOU HAVE SUPPLY THAT IS LOW IN DEMAND THAT IS HIGH IT IS A DISASTER. >> Reporter: MARTIN ENCOURAGES BUYERS TO KNOW EXACTLY WHAT YOU WANT AND DON’T LOOK AT HOUSES THAT DON’T MEET ALL OF THOSE REQUIREMENTS. IT WILL COST YOU MORE. THE MEDIAN SALES PRICE FOR A HOUSE IN THE TRIANGLE IS UP 23% FROM JUNE 2020. MARTIN SAYS THAT HOME SELLERS ARE BENEFITING , THEY ARE GETTING ANYWHERE FROM $20,000-$100,000 OVER ASKING PRICE.
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