The Week that Was in Real Estate 3-19-23

Dated: March 20 2023

Views: 1919

Whats Up with Real Estate 3-19-203

What’s Up with Real Estate?

National news and local views for the week ending Friday, March 17, 2023
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Erik Schlichtmann

A manic week that was dominated by bank bankruptcies, gov't bailouts and wild market swings also saw much "cooler" readings for retail sales and wholesale price growth. All suggest lower inflation (and, in time, lower Fed rates) ahead.

National Real Estate News

Silicon silver lining

The collapse of two banks, a pseudo-bailout, and contagion fears at home and abroad might finally encourage the Fed to slow rate hikes down (or even pause!). We also got much "cooler" readings for February retail sales and wholesale price growth. In response, avg. 30-yr mortgage rates dropped nearly half a percent to 6.55%.

Silicon silver lining
Competition is back

Despite mortgage rates rising more than 1% in February, the MBS Highway Housing Survey for March showed resilient buyer activity and a resurgence of buyer competition. Nearly 1/3 of respondents indicated that homes were now 'selling quickly, with multiple offers'. That same figure was just 4% in January 2023!

Competition is back
Undisputed champion

Since 1941, national home prices have risen in 73 of the years, fallen in 7 of the years, and been flat once. Would you bet against a fighter with that kind of record? Owning a home is the undisputed champion of long-term wealth creation.

Undisputed champion

Local Market Trends

As of Friday, March 17, 2023

AreaMedian PriceActive ListingsNew Listings - 5 daysMedian Days on Market
Rutherfordton, NC
$392,000
Trend Arrow
0.1%
24
Trend Arrow
-0.2%
1
51
Trend Arrow
-0.5%
Shelby, NC
$289,900
Trend Arrow
0.1%
107
Trend Arrow
0%
7
47
Trend Arrow
-0.3%
Morganton, NC
$372,730
Trend Arrow
0%
71
Trend Arrow
0.2%
5
45
Trend Arrow
-0.3%
Marion, NC
$355,000
Trend Arrow
0%
33
Trend Arrow
0%
8
83
Trend Arrow
-0.2%
Local Market Trends (Red downwards arrow/Green upwards arrow) from Feb. to Mar. 2023.
Blog author image

Erik Schlichtmann

At Mavis Realty at eXp, we are eXperienced real estate agents. We live in Rutherfordton and are proud to call the Foothills home. If you're looking in Rutherford, McDowell, Polk, Cleveland, Burke, Hen....

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