08 Jan Mortgage News from Across the Carolinas
The price of a home in Charlotte, North Carolina continues to increase, Wilmington experiences a record-breaking year in terms of home sales, and Charleston compares key regional economic data with other like locations across the country. Here are some of the mortgage news stories we are watching:
Charlotte’s Home Price Growth Outpaced Most of the Country
According to the 2017 S&P CoreLogic Case-Shiller Indices report released by the S&P Dow Jones, Charlotte is 12th out of the top 20 cities across the country for home price growth in 2017. Prices rose on average by 6.4% in Charlotte. David M. Blitzer, Managing Director & Chairman of the Index Committee at S&P Dow Jones Indices, commented:
“Home prices continue their climb supported by low inventories and increasing sales.”
Some factors that influenced rising prices in 2017 include a growing economy and strong job market.
Wilmington Home Sales Set New Highs for 2017
It only took 11 months for the number of homes in the Wilmington region to set a new all-time high. This region is comprised of New Hanover, Pender and northern Brunswick counties. According to the Cape Fear Realtors, 9,351 homes had sold by the end of November of 2017. The last time this region saw numbers at the same level was back in 2005 when 9,437 homes sold over a 12-month period.
How the Lowcountry Stacks Up
A recent report by the Charleston Metro Chamber of Commerce and the Charleston Regional Development Alliance determined that finding affordable housing is a top issue for the Charleston region. This report analyzes regional data against eight similar areas across the nation including, Austin, TX, Greenville, SC, Jacksonville, FL, Nashville, TN, Raleigh, NC, Richmond, VA, Seattle, WA, and Salt Lake City, UT. Low inventory in the housing supply was in part a result of constraints on multi-family construction. In addition, the report indicates that median household income grew by 12%, median home sales prices increase 27%, and average monthly rent rose 49% from 2010 – 2016.
With so much activity in the Carolinas, isn’t it time that you partnered with the best? Our service and communication are top notch. At Fairway Independent Mortgage of the Carolinas, we treat your real estate customers like you do – with fairness and their best interests at heart. They are our priority, as is closing loans quickly with no surprises. Let us change the way you think about mortgages.
Jensen, Scott. “Charlotte Was Ranked As Having The 12th Fastest Home Price Growth in 2017.” Web blog post. Charlotte Stories. 1 January 2018. Web 1 January 2018.
Nunn, Cece. “2017 Top Stories: No. 5 – Area Home Sales Reach All-time High.” Web blog post. WilmingtonBiz. 15 December 2017. Web 15 December 2017.
Segrist, Liz. “Booming Lowcountry struggles with congestion, housing affordability.” Web blog post. Charleston Regional Business Journal. 18 December 2017. Web 18 December 2017.