Let’s look at some of the data:
July sales down 17% compared to July of last year and 19% compared to June; the SKY is FALLING!
Not so fast! Mortgage rates had some impact as mortgage rates increased compared to July 2020.
Sales would be higher it there was more to sell #@%#.
You’ve probably heard this before & the lack of inventory is a real issue. Total new listings for July were the 2nd lowest dating back to July 2014.
Any end in sight to rising house prices?
Not as long a demand exceeds supply. Based upon July closed listings and end-of-month inventory, the months of housing supply in Wake County is less than one month. That is in the historically low territory and categorized as a severe undersupply.
Where are all of the buyers coming from?
From the 2020 United Van Lines migration study, the usual states for outbound migration are PA, NY, NJ & IL. NC continues to be one of the top inbound states. In addition, we are seeing more outbound migration from WA & CA, as some tech workers have shifted toward Raleigh and away from Silicon Valley & Seattle.
Other Resources from Our Blog
Why This Isn’t Your Typical Summer: Link
Patience is the Key to Buying a Home This Year: Link
Things to Avoid When Applying for a Mortgage: Link
About Log Pond Realty
Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.
We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.
Contact us 919.589.3576 | firstname.lastname@example.org