The Triangle Real Estate Market Is Still Hot Going Into The Summer
Hey Raleigh, Durham, Chapel Hill and surrounding cities neighbors. NC Pro Realty Group asks - How is the Triangle area real estate market doing? Home prices continue to rise, just like the temperatures, which can be good...depending on your situation, right?
It is a great time to be a HOME BUYER! Run! Don't walk to us if you are considering buying a home in North Carolina, especially if you currently rent. Why? Interest rates are still low and qualification may not be as hard as you think. Contact team@ncprorealty.com for more info and we'll put you in touch with lenders we trust and respect.
As of July 8, 2019...
- the national average 30-year mortgage rate moved to 3.81% from 3.80%;
- the 15-year mortgage rate decreased to 3.61% from 3.62%;
- the 5/1 ARM mortgage rate fell to 3.66% from 3.72%;
- and the FHA 30-year rate was unchanged at 3.60%;
- Jumbo 30-year rates decreased to 3.87% from 3.88%.
Take a look at the official Triangle Housing Market stats here. One Word of Caution: when it comes to NEW CONSTRUCTION homes, the data is a bit skewed. New construction always shows as ZERO days on the market. So, when average days on market shows as 25, that's including new construction.
As was widely expected, the Federal Reserve did not change the target range for the federal funds rate – currently set at 2.25 to 2.5 percent – during their June meeting. Although the economy is still performing well due to factors such as low unemployment and solid retail sales, uncertainty remains regarding trade tensions, slowed manufacturing and meek business investments.
New Listings in the Triangle region decreased 2.9 percent to 4,481. Under Contract Sales were up 8.6 percent to 4,227. Inventory levels fell 8.0 percent to 8,313 units. What does this mean? We need INVENTORY - we need homes to sell. Contact us at team@ncprorealty.com for a free market analysis and let's get your home sold!
Prices continued to gain traction. The Median Sales Price increased 3.1 percent to $283,530. Days on Market remained flat at 25 days. Sellers were encouraged as Months Supply of Inventory was down 7.4 percent to 2.5 months.
In terms of relative balance between buyer and seller interests, residential real estate markets across the country are performing well within an economic expansion that will become the longest in U.S. history in July. However, there are signs of a slowing economy. The Federal Reserve considers 2.0 percent a healthy inflation rate, but the U.S. is expected to remain below that this year. The Fed has received pressure from the White House to cut rates in order to spur further economic activity, and the possibility of a rate reduction in 2019 is definitely in play following a string of increases over the last several years.
