16 Oct October Mortgage News Review
Charlotte is rated as one of the best cities to live in the U.S., and the lack of housing inventory in the Charlotte area persists. Last month, the Cape Fear Region experienced a new high in home sales. Here are some of the stories we are watching:
The Queen City Receives Another Accolade
“24/7 Wall St. created an index of over three dozen socioeconomic measures to identify the 50 best American cities to live in.”
Factors and statistics used to determine the ranking included crime, demography, economy, education, environment, health, housing, infrastructure, and leisure. The study found Charlotte’s population to have grown three times faster than the U.S. growth rate over the last ten years.
Low Home Inventory Continues to Plague the Charlotte-Area Market
Data recently released by the Charlotte Regional Realtor Association shows a 17.5% decrease in homes on the market across the Charlotte region from September 2017 to September 2016. Currently, the area is seeing a 2.5-month supply of houses available for sale. At the same time, the seller’s market in the Charlotte area shows no sign of slowing down as home prices continue to increase. Roger Parham, leader of the Charlotte Regional Realtor Association shared:
“Ultimately, low inventory across the region continues to hamper sales while also putting pressure on prices in our market. We’re fortunate, however, to see strong pending contract activity, which means that future sales should be steady.”
Home Sales Hit an All-Time High in the Wilmington Region
According to Cape Fear Realtors, 817 units sold across the entire region last September, which included New Hanover, Pender, and northern Brunswick counties. When compared to last year during the same time, this is almost a 14% gain. In addition, the average home sale price for the tri-county region increased approximately 1% year over year to $276,289.
With so much activity in the Carolinas, isn’t it time that you partnered with the best? Our service and communication is 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 that you think about mortgages.
Jensen, Scott. “Charlotte Was Just Ranked As One of America’s Best Cities To Live In.” Web blog post. Charlotte Stories. 15 October 2017. Web 15 October 2017.
Martin, Jenna. “Home sales slump in Charlotte area as inventory woes persist.” Web blog post. Charlotte Business Journal. 10 October 2017. Web 10 October 2017.
Nunn, Cece. “Regional Home Sales Hit More Highs In September.” Web blog post. WilmingtonBiz. 10 October 2017. Web 10 October 2017.