FOR IMMEDIATE RELEASE
U.S. Real Estate Market Continues to Slow
WILMINGTON, N.C. (October 26, 2022)
As we move into the fall, the U.S. real estate market continues to slow. The rising consumer prices and higher mortgage interest rates squeeze homebuyer budgets, which calms market activity. The cost of borrowing has reached a multi-year high as mortgage interest rates topped 6% for the first time since 2008.
In September, the Cape Fear Region experienced similar market trends seen nationally. The number of single-family homes for sale continues to shrink with new listings decreasing 22.1% over the past year. The inventory declined at a rate of 22.1% over the last year.
“Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments more than 55% higher than a year ago,” according to the National Association of REALTORS®.
“Activity typically slows down by the time winter comes,” said CFR President, Ea Ruth. “However, I believe the market in the Cape Fear region will remain somewhat competitive and favorable due to the tight inventory and high demand to live in southeastern NC.”
The inventory remains lower than normal, and as the market continues to shift, experts project homes will begin to spend more days on market, and price growth will slow in the months ahead. Cape Fear REALTORS® continues to closely monitor the housing market activity and provide monthly updates. While markets may change, the REALTORS® commitment to serving their clients does not. It is important to work with an expert who keeps a watchful eye on trends and follows a code of ethics. That’s Who We R.