According to Triangle Multiple Listing Service Statistical Resources (August '09), low mortgage rates and the federal first-time home buyer tax credit are spurring an uptick in home sales in the Triangle regional housing market. January through May of this year saw pending sales lagging behind 2008's pace by 23.1 percent. In the last three months, however, pending sales have been only 3.9 percent behind last year's activity.

The median sales price in August was $187,000, down 5.3 percent from last August. While that means a challenging environment for sellers, soft prices mean improved affordability, which is good news for buyers.

The Housing Affordability Index for August was 169, which means that the median family income in the region is 169 percent of what's necessary to qualify for the median priced home. That's an improvement of almost 30 points from a year ago.

If you are considering purchasing a new home in Raleigh, Garner, Clayton and surrounding areas, contact us at 919-779-3113.