Triangle housing market is flattening out (Apex, Holly Springs: sales, loans, home sales)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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Was reading a more national article about the market so I did a quick search for the local market and I found this link just a few hours old. Should be interesting as they are building SO much in my part of Wake (holly springs).
Was reading a more national article about the market so I did a quick search for the local market and I found this link just a few hours old. Should be interesting as they are building SO much in my part of Wake (holly springs).
Was reading a more national article about the market so I did a quick search for the local market and I found this link just a few hours old. Should be interesting as they are building SO much in my part of Wake (holly springs).
It's definitely flattening out. As the other poster said I believe being fall/winter has something to do with it, but the steady runup in prices combined with rising interest rates will make it flatter into 2019 than in years past I believe.
They're still building a lot in Holly Springs and west Apex, but houses are sitting on the market longer and price reductions and concessions are increasing.
It was literally 2 months ago that everyone was saying how crazy the market is. Interest rates are slightly higher than their lows, but they're still low.
I think it's just a typical winter slow-down. We'll see what happens come Spring.
The Federal Reserve was late to the party in raising rates, we compressed a decade of buying activity into a narrow window of time. Yellen repeatedly stated she wanted "housing to drive the recovery".
Our job numbers have been good but as housing slows what % of GDP growth is due to housing? Housing/construction is about the last domestic large manufacturing job base we have left. So many jobs are driven on it - from raw materials all the way to the funding of loans. Then the jobs that are supported by those jobs - mostly local in nature.
Those buying new builds will be fine, the builders will do what they did in 2010-2012. They'll lower construction quality and/or size to entice buyers in. Those who previously bought new in unfinished subdivisions might take a hit. People have 2008 on their minds but we will probably never see an event like that in our lives, on a nationwide scale, ever again.
In past history rising rates have correlated to increasing home prices but we had never been in a "lower for longer" period of rates like we have recently. Those who bought during the downturn and then refi'd when rates were in the high 2's pretty much won the lottery.
As someone who has been shopping for new construction I can personally attest to the fact that as of two weeks ago, nothing was flattening out. We've had our sites set on two new communities and available lots continue to disappear from inventory.
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