RALEIGH – But Affordable housing In a triangle that has deteriorated in recent months, the latest home market sales data show that home prices may no longer skyrocket.
According to data from the Triangle Multiple Listing Service obtained by WRAL TechWire, Wake County closed 1,807 home sales transactions in the home market in June with a median selling price of $ 474,900.
that is Drop from the previous monthWhen the median housing wealth in Wake County was $ 485,000 in 2,332 transactions.
Still, housing is rapidly signing contracts. According to the data, in Wake County, the average home spends five days in the open market. It has been down since May 2022.
However, there are other early signs that the market may be slowing down.
For example, in Durham County, with 508 home transactions, median selling prices fell below $ 400,000 in June 2022, according to data from the Triangle Multiple Listing Service obtained by WRAL TechWire.
This is below the average selling price of 570 properties. May 2022 $ 424,250.
LindaCraft, broker and CEO of LindaCraft, is ready, motivated and able to offer properties Buyers can find deals in homes listed on the market for more than two weeks. Said it might be. Interviews with & Team, Realtors, Raleigh and WRAL TechWire this week.
“If a home has been on sale for more than two weeks, buyers will rarely have to pay more than the asking price to win it,” Craft said. “And yes, it could help with a few dollars discount or a little closing cost.”
Of course, the data may also indicate a slowdown that would be in line with historical norms. Get historical data from Triangle Multiple Listing Service, TMLS. The median selling price for Wake County in May 2019 was $ 320,420, with an average of 24 days in the market.However, the median selling price in June 2019 is Dropped to $ 310,000Although the average number of days in the market has dropped to 22 days.
of July 2019The median selling price in Wake County has jumped to $ 317,000, according to TMLS data.
Do buyers make transactions?
Based on historic performance, holidays are usually very late, so that could be especially true this weekend, Kraft pointed out.
But that also means fewer homes will be listed before the holidays, Kraft said.
And this week, mortgage rates have fallen to 5.7% on average for 30-year fixed-rate mortgages. Latest data From Freddie Mac, it’s almost doubled since the beginning of the year, despite reaching an annual high of 5.81% in the previous week.
Therefore, for buyers who are already active in the market, it is Good time to lock in Based on the current market conditions, we will conclude a housing contract and fix the interest rate.
in the meantime Mortgage application Movement Mortgage’s local mortgage broker, John Dehart, said it is declining monthly.
John Dehart, a local mortgage broker at Movement Mortgage, said: “Houses are currently sold in weeks instead of days. Our market is out of stock.”
Rent is still rising
But what is one area of the housing market that is not slowing down?Triangle Rental market..
In the Raleigh-Cary Metropolitan Statistical Area, rent growth slowed compared to last year, but it’s still growing, with rents rising 1.9% last month. Latest data From the apartment list. In addition, the median rental price has risen 31% since the COVID-19 pandemic in March 2020.
What does it mean in terms of price forecasts? According to the apartment list data, the average price for a two-bedroom apartment is currently $ 1,494, and for a one-bedroom apartment it is $ 1,355.
In Dallam County, the Apartment List found that rents for the last month rose 2.3% compared to last month’s data. In addition, county rents have risen 27.6% since March 2020, with average two-bedroom apartments currently priced at $ 1,467 and median prices for one-bedroom apartments at $ 1,222.
In an interview with WRAL TechWire this week, Jim Allen, the broker for the Jim Allen Group, said, “It still depends on supply and demand.” “Demand is always high and supply is always low.”
And Allen Investors are still active In Triangle, given the recent significant rise in rent, are you buying and holding a property and trying to convert it to a rental property, or are you trying to repair or refurbish the property and resell it? This is called flipping. It will be.
“Investors will continue to buy everything they can buy,” Allen said. Institutional investorPeople working in the triangle are often less worried about mortgage rates.
“Investors are always buying new homes for rent,” Allen said. Due to supply chain shortages and changes in the local labor market, time to build new homes has increased in recent months. He added that he was. “Despite our best efforts to supply more new homes, we are still in a terrible shortage.”