Weekly Market Activity Report
For Week Ending Nov. 3, 2018
(Data current as of Nov. 12, 2018)
According to Freddie Mac, the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent. Last year at this time, the average rate was 3.90 percent. The higher rates are causing a slowdown in home price growth in some markets, but not all markets yet. Keeping a positive perspective, average rates were 5.97 percent ten years ago at this time, 6.78 percent 20 years ago and 10.39 percent 30 years ago. For maximum comparative impact, consider the 17.21 percent average rate of November 1981.
In the Charlotte region, for the week ending November 3:
- New Listings increased 4.8% year-over-year to 1,091
- Pending Sales increased 10.1% year-over-year to 938
- Inventory decreased 6.9% year-over-year to 10,443
For the month of October:
- Median Sales Price increased 5.0% year-over-year to $231,000
- List to Close increased 1.1% year-over-year to 91
- Percent of Original List Price Received decreased 0.5% year-over-year at 96.2%
- Months Supply of Homes for Sale decreased 6.2% year-over-year to 2.5