Photo credit: kennethkuykendall.com
Despite the cold weather, home prices and home sales show no signs of cooling during the winter months. According to S&P/Case-Shiller Home Price Indices, the leading measure of home prices “continue to rise despite last May’s jump in mortgage interest rates. Mortgage applications were up in recent weeks confirming home builders’ optimism shown by the National Association of Home Builders survey. Combined with low inflation, 1.5% in 2013, home owners are enjoying real appreciation and rising equity values.”
Below is a break down of home price increases during 2013 for selected markets in Wake and surrounding counties
|
Area Increase |
Median Sales Price Increase |
Average Sales Price |
|
Wake County |
+3.7% |
+4.1% |
|
North Raleigh |
+1.1% |
+1.2% |
|
Fuquay/Holly Springs |
+8.5% |
+7.2% |
|
Cary/Apex/Morrisville |
+8.3% |
+5.5% |
|
Chapel Hill/Carrboro |
+2.8% |
+2.2% |
|
Johnston County |
+4.5% |
+2.8% |
|
Inside the Beltline |
+5.7% |
+7.1% |
|
Entire Triangle Region |
+4.2% |
+4.5% |
Borrowing costs for buyers has increased as the FED proposed to trim back the expansion stimulus from $85 in monthly bond purchased to $75B. The average 30-year mortgage last week was 4.39% versus 3.35% in early May-2013.
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