Interest rates!

The peak selling season is over for 2019. The summer closings are done. We’ve reached new highs for average and median sales price, and now things are starting to cool off. Real estate sales in Charlotte are holding steady in terms of units, but prices are beginning to fall as they always do heading into fall. Supply is still low and holding steady and time on market is up only slightly. These defining statistics are nothing out of the ordinary for this time of year and things are, well….stable.

That is except for interest rates being super low! We are back below 4% again. Now is a great time to get a mortgage or refinance an existing one. A client, who recently went under contract to purchase a home, locked a 15 year mortgage at 2.75%. I was amazed. That made me want to scream to the heavens that everyone should buy some real estate now just to lock in a low interest rate mortgage. And, there could be a double effect this fall as house prices dip seasonally. Combine a lower price with the low rates and the result could be a great opportunity to upgrade to a new home!

This week we’ll publish all the market stats for single family homes in Mecklenburg county for August as compared to the previous month and the same period last year. You can find those stats here . Or to make it easy, here’s a quick summary:

  • Home sales are up 2% from last month and 8% from last year.
  • Average sales price is down 3% from last month, but up 4% from last year.
  • Median sales price is down 5% from last month, but up 4% from last year.
  • Average price per square foot is down 1% from last month, but up 6% from last year.
  • Average time on market is even with last month, but up 15% from last year.
  • Pending home sales are down 7% from last month, but up 14% from last year.
  • Supply is down 6% from last month, but up 2% from last year.
  • Mortgage rates are at 3.62% which is down slightly from last month and down from 4.55% last year.
  • Average house payment is down 5% from last month and down 7% from last year.

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