Durham County housing more affordable now than in the past five years
The Housing Affordability Index measures the affordability of housing in a given region. The National Association of Realtors (NAR) explains that the purchasing power of a household increases alongside this index. This number is the highest it's been in Durham County, North Carolina, for the past five years, illustrating the continued positive real estate trend in the area. Therefore, this might be the time for a family to purchase one of the homes for sale in Raleigh-Durham.
"This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home. For buyers who can qualify for a mortgage, now is a very good time to become a homeowner," said NAR President Moe Veissi.
This index was measured at 206 for the month of February 2012 for Durham County, according to the news source. Pending sales are also trending upward, with 29 percent more homes sold last month than in February 2011.
"Consumer confidence is as high as it has been in a year...The economy and housing markets have by no means recovered, but there is room for cautious optimism," said Ray Larcher, president of Triangle Multiple Listing Service Inc., about the current Durham real estate market to the news outlet.