Existing Home Sales
The National Association of Realtors announced March existing home sales which beat beat Bloomberg expectations rising slightly instead of falling from the prior month. However, year over year they dropped slightly resuming the decelerating trend in recent years. Average selling prices rose 5.7% in the South while sales there rose slightly year over year but fell from prior month. The fact that prices are still rising demonstrates our prior points that affordability is key factor here as wages increases have not kept up with prices. Now that interest rates are rising this will be even more a factor on thwarting demand. We continue to be cautious for our clients in managing risk in the housing sector and in general. many residents of charlotte are real-estate investors probably even more so since 2008/2009 making the area more sensitive to changes in real-estate demand.