08 Oct Mortgage News Summary for October
Charlotte and Mount Pleasant, South Carolina are considered two of America’s fastest-growing cities. Meanwhile, the luxury housing market has been affected by the recent hurricane in the Cape Fear region. Here is more on the mortgage news stories we are watching:
Charlotte Continues to Grow
According to WalletHub’s latest “Fastest-Growing Cities in the U.S.” report, Charlotte is experiencing some of the fastest growth among large cities — ranking fourth in its category. Charlotte received an overall rank of No. 32 among large cities with more than 300,000 residents. For the study, 515 cities — separated into three population categories — were assessed on 15 sociodemographic factors and jobs and economy metrics over a period of seven years.
High-end Home Market in the Wilmington Area Suffered in September
According to data from a September report, the Cape Fear area experienced its lowest number of luxury home sales in over six years. During September, only two homes with a price tag of greater than $1 million sold. During the same month last year, 16 homes sold in New Hanover and Brunswick counties. Pender County didn’t have any high-end home sales during September in either year. Most industry experts blame Hurricane Florence, which made landfall near Wrightsville Beach, for the lack of luxury sales. Not only were people evacuating the area, but many real estate offices suffered damage during the storm and were not able to open immediately afterward. In spite of the hurricane, sales of high-end homes have increased year-over-year from January through the start of October.
Mount Pleasant is One of the Fastest-Growing Cities in the U.S.
Mount Pleasant ranked eighth overall in WalletHub’s recent “Fastest-Growing Cities in the U.S.” report. When the study is broken down into city size, Mount Pleasant had the third-highest growth among smaller cities. Cities with a population of fewer than 100,000 residents are considered “smaller.” In general, the South is a very desirable area to live, as the U.S. Census Bureau reported that eight of the 15 cities with the highest population growth last year are in this part of the country. Population growth, unemployment rates, educational levels and household income growth were among 15 key indicators used for the study.
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 with their best interests at heart. They are our priority, as is closing loans quickly with no surprises. Let us change how you think about mortgages.
McCann, Adam. “2018’s Fastest-Growing Cities in America.” Web blog post. Wallet Hub. 1 October 2018. Web 1 October 2018.
Nunn, Cece. “High-dollar Homes Hit Hard In September; Still Up YTD.” Web blog post. WilmingtonBiz. 5 October 2018. Web 5 October 2018.
Wilson, Jen. “CBJ Morning Buzz: How Charlotte, other Carolina cities measure up on growth; NC businessman sentenced for fraud.” Web blog post. Charlotte Business Journal. 2 October 2018. Web 2 October 2018.