Good News. Bad News. Market Conditions.
Good Market News
- National unemployment rate falls to 7.6% in March
- NC Unemployment drops to 7.5% from 8.2%
- Median home prices are up 4.3% nationwide
- Days on Market down 16.4% to 112 Days (Cary Market)
- March closings increased 28% in Wake County
Bad Market News
- US retail sales dropped in March by the most in 9 months
- US Foreclosure activity is increasing
- US new home sales dip despite low supply
- US new home inventory decreased by 20%.
- US re-sale home inventory decreased by 24%.
What does all this mean for you? It depends. Each home, each buyer, each seller, and each situation presents its own set of unique circumstances. Home sales are extremely localized and have to be analyzed individually based on the goals and circumstances of the buyer and the seller. When both parties get what they want a sale is made. It's the job of the Realtor to bring those two parties together to make it a win-win.
Local Housing Stats - March 2013
With low interest rates, homes are more affordable than ever. Keep in mind, when rates go up, so does the monthly cost of owning that home.
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