A few key points to note-
- With single-family homes showing -30.7% less inventory, if you are a buyer, it is extremely important to be READY when the right home hits the market. Think about where you are in the process on a scale of 1 to 10 (1 just starting and a 10 being you would like to find a home today) where would you rate yourself? How can we as your real estate advisors get you to a higher number?
- Median Sales Price and Average Sales Price are huge increases to note especially if you are considering selling your home in this market.
** Data from Cape Fear Realtors **
U.S. Market Recap
Mortgage rates trended higher the last week of May. Home prices appreciated at a slower pace in March according to the FHFA home price index but a faster annual pace according to the 20-city Case-Shiller home price index. Mortgage application submissions decreased. Construction spending increased in April, largely due to residential construction spending. Job openings decreased in April, and in May private nonfarm payrolls showed the slowest increase in the pandemic-era recovery. Both continuing and initial jobless claims fell. The employment situation showed signs of stabilization.
- Mortgage rates are forecasted to continue to rise.
- Home prices should continue to appreciate at double-digit levels for some time.
If you wait, rising mortgage rates and high home price appreciation will continue to grow!