The National Association of REALTORS released its quarterly Metropolitan Median Area Prices and Housing Affordability Index; the report showed that the majority of the 146 metropolitan statistical areas (MSAs) surveyed have a sever lack of housing stock, driving prices higher.
In North Carolina, 7 cities are classified as MSAs by the Office of Management and Budget, their quarterly Median Home Price changes were:
- Durham-Chapel Hill Area- 7.3% increase
- Fayetteville- 0.4% decrease
- Raleigh- 6.9% increase
- Wilmington- 6.9% increase
- Greensboro-High Point Area- 5.7% increase
- Winston-Salem- 3.6% increase
- Charlotte- 8% increase
While increasing home prices have largely been considered good news, housing affordability has decreased across the country as the supply for home sales has become too small to meet demand. National Association of REALTORS' Economist, Dr. Yun, forecasts a 9.4% jump in construction of single-family homes next year, which should help meet demand and slow price increase; this 9.4% jump will only produce 950,000 new homes, far below the 1.2 million average for the last 50 years, however.
As the federal government begins to take on Tax-Reform, we urge to you to review our positions and take action on our consumer protection website-- many of the exemptions that benefit homeowners (like the Mortgage-Interest Deduction) are on the chopping block and need your help. You'll hear more about this from us soon!
Be sure to check out this month's housing minute!