Spring is typically the housing market's busiest season. Mostly, that's because warmer weather and the chance for families to move and get settled in between school years makes it an opportune time to pack up and start somewhere new. This year, though, the coronavirus, social distancing, and stay-at-home orders have disrupted the start of the spring selling season. So what happens to all those potential buyers and sellers with plans to enter the market this spring? Well, according to Lawrence Yun, the National Association of Realtors' chief economist, they're more likely to put their plans on hold than to cancel them. “We are in uncertain times, but I do think that people who are staying at home right now, once the all-clear signal is given, will be going back into the market,” Yun told Housing Wire. In short, the housing market got off to a strong start this year and those buyers and sellers who were ready to make a move will still be ready once things return to normal. The combination of a market well positioned to weather the storm and a high level of pent-up demand means we can reasonably expect spring sales will be delayed till later in the year rather than canceled altogether.

Eastern, NC is one area that buyers are staying busy in. This area has a good inventory of homes, which has kept prices down and kept buyers interested. To see some of the inventory go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. (source)

The number of homes for sale has been lower than normal for some time now. A combination of homeowners staying in one place longer, fewer new homes being built, and increasing demand among buyers has caused for-sale inventory to lag and prices to climb higher. There was hope that those conditions would change this year. New residential construction was poised to make gains, add supply, and help moderate price increases. Then the coronavirus hit. Naturally, efforts to contain the virus will affect the housing market. But how? Well, according to new data from the National Association of Realtors' consumer website, it's still too soon to say but there are some early indications. For example, during the second half of March there were double digit drops in the number of newly listed homes for sale, with significant declines in areas like Phoenix, Milwaukee, and San Diego. Additionally, home prices grew at the slowest pace this year, with the median listing price just 2.5 percent higher than it was one year earlier. Still, prices continued to climb and, in some areas like Minneapolis, listings actually rose year-over-year. Overall, the data is consistent with a market slowdown, though future numbers will give a more complete look at where things stand.

In the areas Eastern, NC, buyers are still seeing new homes being built and this is moderating prices in this area. It is also giving buyers a good inventory to choose from, so the housing market has not been hit as hard as in other areas. To see some of the inventory available go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. (source)

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from the week before. Rates were down for 30-year fixed-rate mortgages with conforming loan balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The decline followed two straight weeks of increases and led to a rebound in demand for mortgage applications. In fact, refinance activity surged, climbing 26 percent from one week earlier. Joel Kan, MBA's associate vice president of economic and industry forecasting, said the coronavirus is behind the volatility over the past few weeks. “Mortgage rates and applications continue to experience significant volatility from the economic and financial market uncertainty caused by the coronavirus crisis,” Kan said. “After two weeks of sizeable increases, mortgage rates dropped back to the lowest level in MBA's survey, which in turn led to a 25 percent jump in refinance applications.” However, though refinance demand skyrocketed, purchase applications were down from the previous week.

Although the Coronavirus is putting a damper on everyone’s lives at this time, the housing market in Eastern, NC continues to be strong. This area has many new homes and with a good choice in homes and lower interest rates, buyers are taking advantage and purchasing homes at this time. To see some of the homes available go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/.

The MBA's survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)

The S&P Case-Shiller Indices are considered to be among the leading measures of U.S. home prices. According to their most recent release, which covers data through January, home price increases were accelerating at the start of the year. In fact, their 20-city composite index was up 3.1 percent year-over-year, up from 2.8 percent the month before. Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, says the increases were broad based. “Results for the month were broad based with gains in every city in our 20-city composite; 14 of the 20 cities saw accelerating prices,” Lazzara said. “As has been the case since mid-2019, after a long period of decelerating price increases, the national, 10-city, and 20-city composites all rose at a faster rate in January than they had done in December.” In other words, high buyer demand combined with a lower number of homes for sale had begun to push prices upward after an extended downward trend. However, Lazzara cautions that their data predates the effects of the coronavirus and the impact that it may have on home prices. The Coronavirus has continued to have an impact on the country and the housing market but for buyers in Eastern, NC, the impact is not keeping them away from purchasing a home at this time. This area has a good inventory of new homes and this is keeping prices down so many people are trying to take advantage. To see some of the homes available in this area go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. (source)

The number of signed contracts to buy homes was up 2.4 percent in February from the month before, according to new numbers from the National Association of Realtors. The improvement puts pending sales 9.4 percent higher than they were at the same time last year. An important indicator for the housing market, pending home sales refer to sales that are under contract but not yet closed. They're a good predictor of future home sales, since contract signings typically take place weeks before closings. Lawrence Yun, NAR's chief economist, says the improvement is evidence that the housing market was strong heading into the coronavirus shutdown. “February's pending sales figures show the housing market had been very healthy prior to the coronavirus-induced shutdown,” Yun said. “Numbers in the coming weeks will show just how hard the housing market was hit, but I am optimistic that the upcoming stimulus package will lessen the economic damage and we may get a V-shaped robust recovery later in the year.” In short, Yun believes buyer demand will bounce back and home sales missed during the spring will simply be pushed to late summer or fall.

The Coronavirus has had a big impact all over the country, but for buyers in Eastern, NC, it seems like they have not slowed down as much as in other parts of the country. This area has a good inventory of homes and prices are staying down, so buyers are still trying to take advantage. To see some of the homes available in this area go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. (source)

Home builders have to be tuned in to what potential buyers want. After all, if they're building homes that don't have the features and amenities that buyers desire, they're going to have a hard time selling houses. That much is obvious. The harder part is determining what will be the most sought after features from year to year. Fortunately, the National Association of Home Builders conducts a nationwide survey each year to drill down on what builders say are the most popular home features. For example, according to the most recent results, the number one feature most likely to be included in newly built single-family homes this year is a walk-in closet for the master bedroom. That shouldn't come as too much of a surprise, though. Storage areas are always big with buyers. Other features that made it near the top of the list include low-energy windows, laundry rooms, energy-efficient lighting, a central kitchen island, energy star appliances, and great rooms. At the bottom of the list, cork flooring, geothermal heat pumps, solar water heating systems, dual master-bath toilets, and laminate countertops were picked as the features least likely to be included in new homes this year.

Buyers in Eastern, NC are finding many new homes being built and these homes are hitting on the features that buyers are wanting in a home. With a good inventory of homes, prices are staying down, buyers are able to afford to buy and are finding the home that fits their needs in the area they are wanting to be in. To see some of the inventory in this area go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. (source)

Numbers from the first quarter of 2020 show homeownership becoming more affordable for average wage earners. In fact, according to ATTOM Data Solutions' most recent Home Affordability Report, a median-priced home will cost someone earning the national average about 31 percent of their income – the lowest percentage since the fourth quarter of 2017. Todd Teta, chief product officer with ATTOM, says falling interest rates have helped keep homeownership within reach. “It seems bizarre that median home prices have risen 8 percent over the past 12 years while average wages grew by less than half that amount,” Teta said. “But falling interest rates continue making up the difference, dropping monthly homeownership payments in a majority of the country.” The counties where a median-priced home was affordable in the first quarter included Cook County (Chicago), Harris County (Houston), Dallas County, Wayne County (Detroit), and Philadelphia County. Also in the report, among 483 analyzed counties, 323 were more affordable than their historic average – which represents a nearly 12 percent improvement over the previous quarter.

Even with all the uncertainty in the country right now, there is still good news with the housing market, especially in Eastern, NC. This area has continued to build many new homes, keeping prices within reach, and making it possible for so many more people to be able to get into the housing market. To see some of the homes available in this area go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. (source)

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were up last week for the second consecutive week. Rates for 30-year fixed-rate loans with both conforming and jumbo balances rose from one week earlier, as did rates for 15-year fixed-rate loans. Mortgage rates for loans backed by the Federal Housing Administration declined. Joel Kan, MBA's associate vice president of economic and industry forecasting, said the increases led to a big drop in refinance activity week-over-week. “The 30-year fixed mortgage rate reached its highest level since mid-January last week, even as Treasury yields remained at relatively low levels,” Kan said. “Several factors pushed rates higher, including increased secondary market volatility, lenders grappling with capacity issues and backlogs in their pipelines, and remote work staffing challenges. With these higher rates, refinance activity fell 34 percent, and both the conventional and government indices dropped to their lowest level in a month.” Kan believes actions taken by the Federal Reserve this week will help put downward pressure on rates in the week ahead.

Even though rates have gone up some, buyers in Eastern, NC are staying busy. This area has continued to build many new homes, giving buyers a good choice in homes and keeping prices down. To see some of the inventory of homes go to: https://www.firstcarolina.com/listings/ or join social media: https://www.facebook.com/fcrhavelock/.  (source)

Sales of newly built, single family homes in February fell 4.4 percent from the month before, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. The decline comes a month after sales hit a 13-year high in January. January's numbers were also revised upward to reflect more sales than previously reported,

which means February's number – even after the month-over-month decline – is still 14.3 percent higher than last year at the same time. But while the strong sales numbers would normally be a hopeful sign for the housing market heading into its busiest season, economists are forecasting fewer sales in the weeks ahead due to the coronavirus. There is reason to believe, however, that, while sales may slow, the housing market's fundamentals are strong enough to allow it to absorb some of the virus' impact on the economy. Also in the report, the median sales price of new homes sold in February was $345,900. The average sales price was $403,800.

Even with all the uncertainty at this time, Eastern, NC has been able to continue to build many new homes and has a good inventory which is keeping prices down. Buyers are taking advantage of this as well as the low rates. To see some of the homes available in this area go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. (source)

Home prices have been rising for several years now. A combination of increasing buyer demand and a lower-than-normal number of homes for sale led to more competition among home shoppers and put upward pressure on prices. That's why most of the discussion about where the housing market was headed this year focused on the number of available homes for sale. If more homes became available, it would help keep prices from climbing too quickly. If inventory stayed low or fell further, price increases might begin to accelerate. Now, due to the coronavirus, there is more uncertainty. But, according to some analysts, the housing market – and home prices – are well positioned to withstand the effects of any upcoming volatility. Mostly, this is because the market's main challenge was there not being enough homes to keep up with demand from buyers. If demand were to temporarily decline, price increases may slow but something similar to the crashing values seen during the financial crisis would be unlikely. Naturally, there are still a lot of unknowns but the strength of the market and the balance of supply vs. demand should help provide the real-estate market with some stability in the days ahead.

Even with all this uncertainly, Eastern, NC has been able to continue to build many new homes, helping to keep prices down and keep home prices affordable for most buyers. To see some of the inventory in this area go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. (source)