The Charlotte NC housing market is still moving ahead, though it had slowed considerably during the first 2 quarters of this year. New home builders had about 12 months of inventory back in January, but now as we start the 3rd quarter, they are now looking at about 6-7 months inventory. I use this as an indicator to see when we will be getting back in stride with home sales. Existing home sales last month dropped a little bit from this time last year, as well as home price. That being said we still enjoy a good inventory of homes and with many people and companies relocating here, helps to reduce our inventory of new and existing homes. Overall, we have been able to maintain good resale prices and have not seen the drastic drop in home prices that many areas of the country have experienced. Our normal appreciation here is around 4-5% a year and that is why we haven't seen major drops in our home values. Out of the 20 largest cities in America (we are now #19) we are the only one to still see growth in our market. Since we never have seen double digit growth, we didn't take the hit like markets in Nevada, Arizona and California to name a few.
The recent bailout of Freddie Mac and Fannie Mae by our government has helped restore some faith in our secondary mortgage market and interest rates have dropped considerably in the last few days. With interest rates down and a great supply of new and existing homes, it is a great time to buy a home in Charlotte, NC.
For those of you who like some facts that are not well known, Concord, NC is the first place in the United States that gold was first discovered in 1799.
Should you have any questions, please feel free to contact me anytime.
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