“Rate increases will have an impact on housing nationally and could on housing locally.” “It takes time for mortgage rate increases to show up,” said Cohen. The chart above tracks the median sale price for homes sold traditionally, including both new construction and existing homes, in the entire TMLS 16-county region as well as in Wake County, and is shared with permission from TMLS. The latest data from the Triangle Multiple Listing Service, TMLS, also shows median home sale prices increasing. North Carolina’s real estate market is resilient as there are municipalities, including some within Wake County, that are still experiencing positive net migration, as WRAL TechWire reported last week. The Triangle’s housing market remains resilient even as other “pandemic boom towns” nationwide are showing signs of a market cooldown in recent weeks. Study: Raleigh remains a ‘pandemic boom town’ for people looking to relocate That’s in part due to the fact that 6.9% more transactions closed in June compared to May. Total sales value across the market surpassed $2.5 billion in June 2022, and was up 11% from May, when the total volume was approximately $2.25 billion, according to the report. Still, locally in Wake County, the aggregate value of real estate transactions continues to grow monthly, even with seasonal variances in the real estate market.
Thinking about buying a house? Do it now as costs keep soaring, economist says “What they’re doing by raising rates is hurting that, because they’re trying to soften the demand side, but they may also be hurting the supply side,” said Cohen. But the Fed also faces a challenge, because while they’re already aware that nationally, housing supply is constrained, they can only take action that might influence the demand side of the market by making borrowing, including funds for mortgages, more expensive. This is a case study in what the Federal Reserve intends, said Cohen.
Wake County Register of Deeds image and data.
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