|
You can download the full report by clicking on the headline. Lots of interesting tidbits in this report. Of course they mention rising rates which everyone seems focused on and aware of. However, ask someone who got a mortgage in the 80's how they would feel about a 5% interest rate. They would have killed for a 5% mortgage rate! Rates are still at historical lows. We've been propping up the economy with free money for too long.
Unemployment in the area remains low signaling that although we are not immune to national and global impacts we are in many ways insulated from them. With many of our major employers (UVA, UVA Medical Center, local governments, etc.) being less economy dependent than say the oil industry in Houston, we tend to live in a protective bubble locally.
Sales were down year over year in every single local county. I think that's a reflection of too little inventory, the impact of rising mortgage rates (although you could argue there was a rush to beat the rate hikes), and buyers simply giving up and leaving the market.
Lastly, the number of permits being applied for is growing locally. This is great news as new home construction (or the lack thereof) is one of the reasons we have such little inventory on the market.
|
