As the world adapts, recovers, and responds to the ripple effects of the global pandemic, the housing sector continues to experience record growth.
The Triangle market saw increases in homes sold, average sales price, and new home put up for sale. This was bolstered by delayed demand from the spring and summer market, as well as historically low-interest rates.
Inventory remains the challenge that the housing market has been unable to catch up to thus far. New home builds have increased 22% year over year, yet supply challenges are rapidly increasing the price of homes and slowing down the completions of new inventory. Lumber prices experienced a 110% increase since June, which increased the prices of the average single-family home by $14,000.
In spite of the economic headwinds, the housing market remains one of the most robust areas of the economy. With lower interest rates expected to remain through 2021, increased buyer demand, and strong equity in most areas, the housing market is poised to continue solid growth.