19 Nov Real Estate News Roundup for November
The downtown continues for Charlotte-area residential home sales. Meanwhile, real estate agents and mortgage planners in the Cape Fear area are paying closer attention to interest rate increases. Elsewhere, the Charleston region real estate market appears to be back on track after an unexpected decline in September. Here is more on the mortgage news stories we are watching:
Charlotte-Area Home Sales And Listings Still Trending Downward
Charlotte residential home sales have now declined for six consecutive months. According to the Charlotte Regional Realtor Association, home sales across the greater Charlotte area were down 9.8% in October from last year at the same time. Only 3,617 units sold during this month, after 4,012 units sold in October 2017. One possible reason for this drop-off is lack of available inventory, with the number of homes for sale slipping 8.7% year-over-year.
How Will Rising Interest Rates Affect The Wilmington Region?
Rising interest rates created a different experience for two clients of a Cape Fear region-based real estate agent. One client purchased their home in October at a mortgage rate of 4.5% and the other client bought their home in November with the mortgage rate at just over 5%. Even though it may not sound like it, this increase in the mortgage interest rate is significant and indicative of how rates are trending nationwide.
Rising interest rates were not surprisingly a hot topic at the National Association of REALTORS’ annual conference and are thought to be among the issues that will most affect the industry in the coming year. With another hike in interest rates likely coming soon from the Federal Reserve, the residential real estate market may see some changes to home sales, especially in high-priced areas. Most real estate professionals believe the local market in the Cape Fear region is overall healthy, even with the impact left by Hurricane Florence.
Sales Start To Rebound For The Charleston Region
Based on initial results from last month’s residential real estate numbers, the Charleston Trident Association of REALTORS® estimates that home sales in the region inched up 3% in October year-over-year. This came after a 13% decline in September and an 8.7% gain in August. Industry experts attribute the September drop to the landfall of Hurricane Florence in mid-September, and the experts attribute October’s gain to recouped losses. Over the entire region, 1,368 homes were sold, with the median price increasing 4% to $259,835.
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Morris, Kendall. “Home sales down in Charlotte for 6th straight month.” Web blog post. WCNC. 13 November 2018. Web 13 November 2018.
Nunn, Cece. “A Rising Interest In Rising Rates.” Web blog post. WilmingtonBiz. 16 November 2018. Web 16 November 2018.
Wise, Warren L. “Charleston-area home sales climb 3% in October.” Web blog post. The Post and Courier. 13 November 2018. Web 13 November 2018.