The housing market in the Triangle is booming despite the COVID-19 pandemic, according to a new report from real estate analysis firm Metrostudy.
New home closings in the Triangle were up 1.9% in this year's second quarter compared to the same time last year, with almost 3,500 homes sold.
According to the report, it was the largest number of closings for new construction recorded in a single quarter in the Triangle since 2007.
The firm's regional director Amanda Hoyle says despite COVID-19 related orders that disrupted in-person showings, the sellers have been able to engage interested buyers with technology.
"The housing market has discovered that buyers can be receptive to some of these virtual face to face interactions, versus having to have an agent at the model home all of the time,” Hoyle said. “I think these technologies are here to stay."
She also points to very low mortgage interest rates as another factor motivating buyers.
"There is such heavy demand because we have had — so many of us have been stuck in our houses for the past five months,” Hoyle said. “We recognize what we like about our house and what we don't like about our house. And so it's creating more people wanting something different."
