There is a general consensus that mortgage interest rates can only go up. However, history shows that rates have been in the low fours for a year and a half and most recently they have dipped down to 4% which is the lowest they’ve been since July 2013. This is great news for buyers who worry that prices have crept back up to peak levels. They have. But affordability has improved over the past year months because of the rate decrease. Home sales and pending home sales statistics for Mecklenburg County suggest that demand is still strong and these low rates should carry that demand right into the new year.
This week we’ll release our Monthly Stats for Mecklenburg County comparing October with the prior month and the same month last year. The numbers show the market is healthy as the year comes to a close. Here is a quick summary:
– Home sales are even from last month but up 13% from last year.
– Average sales price is down 1% from last month but up 1% from last year.
– Median sales price is down 4% from last month and down 2% from last year.
– Days on market is down 5% from last month and down 29% from last year.
– Pending home sales are even from last month but down 3% from last year.
– Supply is down 2% from last month but up 1% from last year.
– Rates are down to 4.04% which is below last month and last year.
The Charlotte real estate market is very healthy right now. Inventory levels are slowly coming back into balance where the power is evenly split between buyers and sellers. With rates at 4% it’s a great time to buy and with prices close to peak levels, it’s a great time to sell. Not very often can we say that the market is good for both buyers AND sellers, but that time is now. We’ll be watching closely to see which way the trends shift over the coming year as time will tell.