If the most recent statistics released by the US Census Bureau and the Department of Housing and Urban Development are any indication of economic health, then the real estate market is in very good shape!
Housing Starts Are Up
These numbers indicate that privately-owned housing starts in July 2015 checked in at a new high of 10.1% compared to July 2014. Not since October 2007 has the real estate market seen figures like this. According to the Triangle Multiple Listing Service, “this bodes well for the eventual landing of a flock of potential buyers currently holding in a rental pattern.”
The data for Wake County and the Triangle region continue to come up strong. In Wake County alone, new listings are up 12.9%, closed sales are up 5.7%, and the median sales price is up 10.2% compared to the same time last year. The percent of list price received is inching up as well, now up to just under 98%.
A home that is priced well in relation to its competition is going to sell quickly at close to asking!
What About Interest Rates?
Current mortgage rates are averaging under 4%. However, it is still expected that the federal reserve will raise rates in December at the latest. What impact this will have on our local real estate market remains to be seen. In Wake County, the inventory of homes available remains low. This coupled with robust local employment and economic numbers indicate there’s room for optimism.
Your Real Estate Experts
Keeping yourself educated about the real estate market is one of the strongest tools you can have whether you are buying or selling. Let us help you achieve that goal! Bookmark our blog and we’ll share with you the latest market data, advice, plus fun goings-on in the community. You can count on Pace Realty Group to be your real estate experts!