15 Oct Mortgage News Review for October
The Charlotte, Wilmington and Charleston regions all experienced a decrease in home sales for the month of September when compared with the same month in the previous year. Both the Wilmington and Charleston declines were greatly influenced by Hurricane Florence, which made landfall on Friday, September 14 near Wrightsville Beach, North Carolina. Here is more on the mortgage news stories we are watching:
Home Sales in the Charlotte Metro Fall Off in September
September was a rough month for the residential housing market in the greater Charlotte area when compared to the same month last year. The 3,642 homes that changed hands last month represented a 15.3% decrease from the same month in 2017. This data is based on information from Carolina Multiple Listing Services. Due to the limited inventory, it has been a seller’s market for many months. However, Charlotte Regional Realtor Association president Jason Gentry is predicting buyers will soon have a larger housing supply from which to select a home. This assessment is in part based on the typical drop-off in home sales during the fall and winter, which allows the inventory of homes to be built up again.
Local Industry Experts are Optimistic About the Housing Market in the Wilmington Area
Despite the fact that the Cape Fear region is still recovering from Hurricane Florence, many real estate experts in the area expect the residential housing marketing to come back strong. With many people having been uprooted from their primary residence, there remains a real need for places to live. Even though it’s only been a few weeks since the hurricane hit, real estate agents are starting to hear from various parties interested in purchasing available homes on the market. The demand for safe housing is increasing as people begin to become involved with the market again.
Hurricane Florence Delivered a Blow to LowCountry Home Sales
Based on recent real estate data from Charleston Trident Association of REALTORS, residential home sales dropped 13% in September year-over-year. Industry experts believe this to be a result of the mandatory evacuations associated with Hurricane Florence. In addition, many experts expect September closings to be rescheduled for October, with a perceived monthly growth in sales to result. The decrease in resident sales for September came on the heels of an 8.7% increase in August. Looking back to September again, 1,236 properties were sold at a median home price that was up 8.2% compared to the same time last year.
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Cope, Cassie. “Charlotte home sales are on the decline again. There still could be hope for buyers.” Web blog post. The Charlotte Observer. 11 October 2018. Web 11 October 2018.
Wise, Warren L. “Hurricane Florence pummeled Charleston-area home sales in September.” Web blog post. The Post and Courier. 11 October 2018. Web 11 October 2018.
Wissbaum, Brandon. “’People need a place to live’: Century 21 president says housing market bouncing back post-Florence.” Web blog post. WECT 6 News. 9 October 2018. Web 9 October 2018.