Here is the latest Weekly Market Activity Report as of October 1 from the Carolina Regional Realtor® Association:
This week the National Association of REALTORS® reported that nationally, August existing-home sales rose 2.6% from a year ago.
Additionally, the Federal Reserve announced a rate cut for the second time in seven weeks, though this was widely expected and largely factored into mortgage rates already.
A strong economy along with mortgage rates near their lows for the year continue to support healthy housing demand. In the Charlotte region, for the week ending September 21:
• New Listings increased 0.5% to 1,166
• Pending Sales increased 69.4% to 1,081
• Inventory decreased 15.8% to 9,600
For the month of August:
• Median Sales Price increased 4.9% to $257,000
• List to Close remained flat at 87
• Percent of Original List Price Received decreased 0.1% to 96.9%
• Months Supply of Homes for Sale decreased 14.3% to 2.4
What’s It Mean?
Low interest rates and low inventory levels compared to demand continue to fuel rising home prices as home buyers can generally afford a more expensive house with a lower payment, yet the overall supply of inventory is still lacking.
Additionally, many in the financial services community were initially nervous with the announcement of the Presidential impeachment inquiry, but the stock market and economy have continued performing well and, by proxy, so has the real estate market.
Bankers will continue to monitor this story closely, but it’s almost as if the market has become immune to the news coming out of Washington as little is considered shocking news anymore.
What To Expect
Excepting 2018 when interest rates spiked dramatically in September and put many buyers on the ropes, October and November home sales in our area of the Carolinas typically remain steady up until the Thanksgiving holiday.
From Thanksgiving through the New Year and into the first couple of weeks in January, you can be assured that anyone who is active in the real estate market, including buyers and sellers, is serious and not just testing the waters.
If you’re thinking about putting your house on the market before the end of the year, the Fall and Winter months just may be the time to sell your home before seasonal competition picks back up in the Spring and Summer.
Thinking about buying a home or selling your house in 2019? Reach out to Costello Real Estate & Investment’s Jimmy Grappone and Movement Bank’s Michael Curtis to formulate a plan and get you moving to your next destination.