Home prices reach record highs as sales stagnate in the Triangle

RALEIGH, N.C. (WTVD) -- The continuing population boom in the Triangle is creating a lot of competition in the real estate market. With sales stalling, home prices have hit an all-time high

Nationally, the inventory of homes went up during the month of May -- almost 7 percent month to month and nearly 20 percent higher than May of last year.

But sales of existing homes are essentially flat with mortgage rates still high.

In the Triangle, we are seeing a rapidly growing population. Real estate agent Hunter Cutright has a listing on Chestnut Street in Durham going for $799,000, and we also saw a few other for sale signs nearby.

He said the market is still very competitive in the Triangle, with most homes receiving multiple offers.

"I think it's the job growth, the population growth and just the lack of inventory, but then you also have with these people with low interest rates, they're staying in their homes longer, they're not moving," he said.

Cutright said builders are still working to reach the demand, and new construction can ease some of that.

"I think we've seen kind of steady improvement in the equilibrium of supply and demand with interest rates, but I'll say our far 10-year view is still in need of more inventory for sure," Cutright said.

He said if you're in the market, it can be discouraging. He suggested new construction homes as an option, especially depending on which part of the Triangle you're looking to buy. Plus, depending on your budget, new construction homes can still be good deals for first-time homebuyers.