Residential real estate is experiencing its best year since
the recession. Home sales are actually set to have their best national showing
since 2006. More of the same is anticipated in 2016, but inventory and
affordability challenges coupled with mortgage rate increases will likely keep
any sort of monster growth in check. This should be a good thing for keeping
home prices from increasing too rapidly to maintain economic stability.
New Listings in the Triangle region increased 6.8 percent to
2,530. Under Contract Sales were up 4.8 percent to 2,488. Inventory levels fell
13.5 percent to 9,374 units.
Prices continued to gain traction. The Median Sales Price
increased 9.6 percent to $226,000. Days on Market was down 19.2 percent to 59
days. Sellers were encouraged as Months Supply of Inventory was down 19.0
percent to 3.4 months.
Unemployment rates across the nation changed little last
month, which bodes well for an increase in buying activity. The national
jobless rate was 5.0 percent in October, which was 0.7 percent lower than the
year prior. Although housing and employment data are quite positive at this
juncture, it is still certainly possible for listings and sales to be down in
year-over-year comparisons. Bad weather and the mix of housing available to
buyers tend to have a greater effect on trends at the end of the year than
during the midsummer months.
Do you want to know what's happening in your neighborhood or subdivision. As your local expert, I will break all the numbers down for you & give you an accurate value of your home. Call me today!
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| BE SAVVY...CALL THE SMART REALTOR! |
e-PRO, Strategic Pricing Specialist
Fathom
Realty NC, LLC
Phone: 919.306.9699
Phone: 919.306.9699
http://www.thesmartrealestateagent.com/contact/
Email: Elizabeth@TheSmartRealEstateAgent.com
Email: Elizabeth@TheSmartRealEstateAgent.com
