The winter proved to be brutal for the employment rate and residential home sales, with March sales dropping to the lowest level in 7-years noted in this Bloomberg article.
Yet, some areas of the country, such as the Raleigh Triangle area, has seen a boom to residential housing sales, affected by the growing tech community, and the springtime optimism which affects the number of houses that are seen, and purchased, on the market.
In fact, sales of previously owned homes have been snatched up in a matter of days in the Triangle area.
Coupled with the Fed interest rates, which are projected to remain low, at least through the fall, more local consumers are taking advantage of residential home sales. While wage growth has remained stagnant, lower interest rates make purchasing a home a little easier.
30-year fixed rates have risen recently, which may be an obstacle dampen any further housing recovery going forward.
Home valuations are also rising, contributing to higher prices, and the conflicting sales rates where, in some areas of the country, home sales have significantly fallen, and in other areas, residential home sales are soaring.
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919.851.0999Tags: home sales, mortgage lending, mortgage rates, residential home sales