The price of the average home sold this month was up slightly this month, 0.6% as compared to April. The average quality-adjusted price of an existing home in the Triad was $196,189. The average this month was up 5.3% from the average recorded 12 months ago. The average time on the market for homes sold was 103.2 days, down 0.5% from May of last year, but the ratio of selling to listing price was higher at 95.3%, indicating some decline in the level of discounting in the market. The inventory/sales ratio was 6.3 months in May, down from 6.8 months in April. The inventory/sales ratio was higher for higher-priced homes.
The number of real estate foreclosures in the Triad fell 2.8% in May and is down 11.5% over the past year. There were 456 reported foreclosures in the Triad in May.