Triangle real estate market update
It has been two months since I last communicated with you. I have been waiting for a change and finally we are starting to see hints of a new trend. The number of single-family homes for sale is up, mortgage rates are lower, and the average sale price is down over the past month. The local numbers are in for July 2024 and here is what is happening: The average price of single-family homes is up slightly from a year ago but has dropped over the last month. Available homes for sale, while still low, is increasing. The mortgage rate for a 30-year fixed has dropped to around 6.5% down from recent highs of close to 8%. Consequently, current homeowners holding mortgages with significantly lower interest rates may be less reluctant to sell. Here is an update for the end of July: A year ago, the average sale price of