23 Jun Charlotte Real Estate Realtor Review
The 2014 Charlotte’s Real Estate market has seemed a little like a child’s rollercoaster- full of quick ups and downs but also a slow but steady start to the spring and summer home buying season. The most recent housing market data showed a slowdown in new home construction, with housing starts unexpectedly falling 6.5% in May. However, even with housing starts falling, sales of previously owned U.S. homes posted the best monthly gain in nearly three years in May, providing hope that housing is beginning to regain momentum lost over the past year.
The National Association of Realtors reported that sales of existing homes increased 4.9 percent last month to a seasonally adjusted annual rate of 4.89 million homes. The monthly gain was the fastest since August 2011. Jim O’Sullivan, Chief U.S. Economist at High Frequency Economics, said, “Sales appear to be moving up again, although the increase to date — over two months — reverses just a fraction of earlier weakening.”
Sales had been dampened by last year’s rise in mortgage rates from historic lows and various other factors including tight supplies and tougher lending standards. Dana Saporta, Director of U.S. Economics at the bank Credit Suisse, said, “We expect housing to contribute positively to 2014 economic growth, but the magnitude of its contribution likely will be much smaller than that reported for the past two years.”
With these reported small but steady gains, long-term mortgage rates fell a bit this week after rising for two consecutive weeks. Freddie Mac reported that a 30-year fixed-rate mortgage averaged 4.17% in the week ending June 19, down from 4.20% last week. A 15-year fix averaged 3.3%, down from 3.31%. A one-year adjustable-rate mortgage fell to 2.41%, from 2.57% last week.
It is the best time to look into selling or purchasing your home while interest rates are STILL low! Call one of our offices today to get started or schedule an appointment to really look at your financial plans and help you make the best home loan decision or show you how the path toward ownership. Call us anytime. We have multiple locations across the Carolinas to make meeting convenient, or simply fill out our online application to get started.