New listings in the Triangle region were down 10.9 percent to 3,928. Under-contract sales were down 1.3 percent to 3,806. Inventory levels went up 97.5 percent to 4,849 units. Closed sales were down 6.5 percent to 3,524.
Median sales price decreased by 2 percent to $387,000. Days on market was up 176.9 percent to 36 days. Sellers were encouraged as months' supply of inventory was up 150 percent to 1.5 months.
The Year-to-Date Housing Affordability Index was at 83, which is 17 percent less than March 2022. This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number indicates greater affordability.
