August, the latest month for which data is available, saw a 1.7% decrease in existing-home sales nationwide, pulled down by extreme weather events in the southern states; this is the 4th month in the last five where home sales have decreased. A national map of home sales over the last year can be viewed here.
- The national labor market continued tightening in the month of August, boosting nominal wages.
- The average commitment rate for a 30-year fixed-rate mortgage fell to 3.88%, its lowest rate since November of 2016.
- Total housing inventory has declined 6.5% since last August, the continuation of a 27 month streak of falling inventory.
- Existing-home sales in the South decreased 5.7 percent to an annual rate of 2.15 million in August, and are now 0.9 percent lower than a year ago. The median price in the South was $220,400, up 5.4 percent from a year ago.
To watch a complete review of market conditions by the National Association of REALTORS' resident Economist, Dr. Yun, click here.Read more
August was a busy month for the state legislature and the U.S. economy!
In statewide news, the North Carolina General Assembly convened to redraw their legislative districts to comply with a U.S. Supreme Court ruling handed-down earlier this year. The new districts will have little impact on the partisan advantages in the House and Senate, but may have changed who is representing you at the state level. If you want to check your voter registration status and see who your representatives are, click here!
- The National Association of Realtors expects North Carolina’s home values to rise 2.7% on average this year with some of the largest gains in Charlotte and the Triangle.
- The Realtors Confidence Index reflects a competitive environment for buying and selling.
- Despite increasing home tours, offers per tour has decreased slightly.
- Home sales slipped 1.3% in the month of July.
- For a complete overview of economic data, click here.
The legislative session at the NC General Assembly is heating up as members begin budget negotiations!Read more