3rd Quarter Market Report
As we review our 3rd Quarter Market Report, details show that Crystal Coast markets are softening in Carteret, Craven, and Onslow Counties. Consistent with national trends, interest rates are continuing to increase. It is natural we begin to see a dip in home sales, affecting the average quarterly sale prices. Buyers may not qualify for lending at higher interest rates or will experience a decrease in their purchase power. However, days on market remain extremely low, indicating that there are still many active buyers in our region. Our hand-selected Bluewater REALTORS® are available for an in-depth conversation to help you meet your real estate goals.
Instant Reaction: Mortgage Rates October 6, 2022
Mortgage rates took a breather this week. According to Freddie Mac, the 30-year fixed mortgage rate fell slightly to 6.66% from 6.70% the previous week. While there are mixed signals from the labor market, investors await the employment situation report that will affect their expectations for inflation. A stronger jobs report tends to indicate faster-than-expected inflation. With mortgage rates affecting affordability, the urban-rural migration trend continues. Since the beginning of the year, rural areas have been the only areas that have experienced migration gains. In contrast, urban centers lost the most people as the share of inbound moves was 47%. A share of inbound moves lower than 50% indicates that more people are moving out than into that area.
While people move for various reasons, housing-related moves have increased even further. With mortgage rates near 7%, many people are looking for more affordable homes in less dense areas. Generally, homes are about 50% less expensive in rural areas and about 20% less expensive in the suburbs than in urban centers. Meanwhile, competition is lower in rural areas and suburbs as inventory rises faster in these areas. Within the last 12 months, active listings have increased 35% on average in the suburbs compared to 27% in urban centers.
Interest rates can change daily. If you are thinking of buying, connect with a local mortgage broker today to kickstart your homebuying process.
If you have any questions about our market report, please reach out! We’d be happy to get them answered!