Here are some of just some of the national and local numbers that we are tracking for you today.
Raleigh Home Sales Surge Past National Average
According to the National Association of Realtors, the number of pending home sales dipped to 5.04MM unlike in Raleigh and Wake County where closed sales surged by 3.3% The national median for home price of existing homes increased to $219,400. That’s up nationally 4.1% from last month and a whopping 8.9% from this same time last year! Meanwhile, here in Wake County North Carolina, the median sale price was significantly above the national and state average at $256,000. That’s an increase of 6.4% from last month and 5.3% from this same time last year. If you’re looking to sell, now might be a good time to enter the market!
Mortgage Rates Surge Past 4%
According to Freddie Mac, the Average 30-year fixed rate mortgage is up from last month to 3.84 and as of today, the 30 year fixed rate mortgage has pushed past 4% for the first time since November 2014. Remember that for every ½ percent that mortgage rates rise, a homebuyers purchase power is decreased by $10,000. Meanwhile, mortgage rates in Raleigh remain stable and closings costs are still relatively low when compared to other parts of the country.
If you are considering buying or selling a home in Raleigh or Southern Wake County and want to find out how these numbers are impacting home sales in Wake County, call or email me at (919) 526-0183 or Download my free mobile app to search homes like a pro!