14 Jan Mortgage News Summary for January
Mortgage News Across the Carolinas
Experts have weighed in on how the Charlotte area housing market will shape up in 2019. Meanwhile, a strong economy has allowed a local real estate association to re-engage with a Wilmington business group. Here is more on the mortgage news stories we are watching:
What To Expect in the 2019 Charlotte Real Estate Market
Data released by the Charlotte Regional Realtor® Association last week shows that 2018 was a difficult real estate market for buyers, thanks to low inventory and increasing home prices. Many prospective buyers had to expand their search to surrounding towns and counties to find a home they could afford. Industry experts believe things will hold steady in the housing market this year, with home prices not rising as quickly as in the two previous years. However, it is expected to remain a healthy market for those looking to sell. According to the Carolina Multiple Listing Services, the average home sales price for 2018 was $286,796 — a 6.4% increase from 2017. Similarly, the median sales price in 2018 was $238,000, which represents a 5.8% gain from the year prior. Looking specifically at December, 3,176 homes were sold in the region. This is a 14% decline year-over-year, and it marked the eighth consecutive month of a decrease in sales.
Realtor Alliance Becomes Active Again with Cape Fear Business Advocacy Group
After a more than 10-year absence, Cape Fear REALTORS® has rejoined the Business Alliance for a Sound Economy (BASE). According to a recent news release, Cape Fear REALTORS has become active as an association partner. BASE is an alliance of businesses, associations and individual members with a concentration on public policy that improves economic opportunities and increases the quality of life in Brunswick, New Hanover, Onslow and Pender counties. An original founding member of BASE, Cape Fear REALTORS had to take a step back in 2006 when the residential real estate market went on a steep decline.
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Cope, Cassie. “Charlotte’s tight housing market was tough for buyers last year. Here’s what 2019 holds.” Web blog post. The Charlotte Observer. 10 January 2019. Web 10 January 2019.
Nunn, Cece. “After 13 Years, Cape Fear Realtors Rejoins Business Advocacy Group.” Web blog post. WilmingtonBiz. 11 January 2019. Web 11 January 2019.