Bay Area home prices fell more than anywhere else in US last month
A huge change hits San Francisco's homebuying market
The days of outrageous overbidding may be behind us.
www.sfgate.com
Where in NC?Well, housing market is still strong in the Southeast. I can testify to that, being after all, we have looked for a new home since May 2022 in Florida, South Carolina and North Carolina.
We signed contracts for new construction in North Carolina last week of August 2022. Home should hopefully be complete in the next month.
We sold our 16 year old home in Nov 2022 for the top selling price in the area.
Ok, so follow me on this now;
Where we were looking in Northeast Florida at the start of summer 2022, there were some heavy discounts in Dec 2022 to clear out a few remaining homes in the community we were going to buy in.
This was the first phase of a few hundred home section of a community involving maybe 80 homes. No homes were occupied last year, first closings took place in Dec 2022. Well, as of today, end of Jan 2023 the first phase is sold out and except for the year end clearance on a few homes which also involved some that fell out of contract prices are right back where they were and really at the peak pricing of last summer.
They started building the next phase and actively selling now.
Where we are buying in NC, back in August we got a pretty good deal, another section of a huge community just getting off the ground, literally new streets ect, no homes occupied.
All homes seems to be selling just as fast as they can build them and I am not seeing any incentives anymore than what we received, actually I think the price is firming up more now that construction well underway and now over a handful of homes occupied with new homes owners.
An entire block of new homes to be completed (including ours) in the coming 6 weeks that will be occupied.
Furthermore, they are now actively selling the next block (street) of homes and they too seem to be going into contract as fast as they release them. I still have seen one for less than we contracted for last summer and we have every option possible.
What I am saying is, this news story seems to be correct today =
New home sales rise for 3rd straight month as mortgage rates drop
New home sales increased 2.3% to a seasonally adjusted annual rate of 616,000 units last month, the Commerce Department said.nypost.com
Sunset Beach/Calabash/Ocean Isle AreaWhere in NC?
SCM,Case Shiller home price index out today. " the U.S. National Index posted a -0.6% month-over-month decrease in November"
S&P CORELOGIC CASE-SHILLER INDEX CONTINUED TO DECLINE IN NOVEMBER
S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for November 2022 show that home price gains declined across the United States. More than 27 years of history are available...finance.yahoo.com
Note the index is 2 months delayed, and is the trailing 3 month average prior to that, so its not exactly real time.
I travel to the Atlanta Metro area for business. I know a few people around the area. I could never figure out how people afford to live there. I understand silicon valley, but everything I have seen says wages in Atlanta aren't much more than anywhere else in the South.I live in an area that is rapidly growing. You wouldn't know there is a "housing market" at all around here for the last 6 months.
There's starting to be a lot of new subdivisions, full of completed, empty houses around here. I drive by one twice a day. 20 or 22 houses, empty, 100% complete and have been for 6 months. Price - $550k.
That's $11M in unsold inventory sitting on less than 20 acres, in one subdivision.... There's plenty more.
I travel to the Atlanta Metro area for business. I know a few people around the area. I could never figure out how people afford to live there. I understand silicon valley, but everything I have seen says wages in Atlanta aren't much more than anywhere else in the South.
Replying to myself, we put in an offer the second day on market. Our agent knew their’s, talked to her, and we accepted a few disadvantageous terms to get them to accept and cancel 10 showings and an open house. Same day we looked at two other places both new on the market too. This place blew the other two away at only ~7% higher price. Those two are also both under contract now. Joints are selling in 1 weekend here. Fortunately we didn’t have to escalate the price.Wife and I have a house under contract here in Montgomery County MD, price stable relative to last year. That means it's still high lol but we're happy with it.
jeff
My friend’s escrow just went up $525/month after 2 years of owning the home.
Sg,