ABBA First Mortgage News

Local housing market bounces back after Covid-19 dip

 

 

SOUTHEASTERN, N.C. — The housing market in the Cape Fear Region has bounced back to pre-Covid-19 summer figures, according to data shared by Cape Fear REALTORS® Wednesday.

Pending sales jumped 56.1% in June year-over-year, up 15% from May.

In April, pending sales took a dip, signifying tentative behavior from buyers as the pandemic continued to impact the local economy. New listings were also down, marking the same behavior out of sellers.

May’s figures indicated sellers were acting more cautiously while buyers are scooping up new listings quickly, possibly motivated by slimmed down inventory and low mortgage rates, according to Cape Fear REALTORS®.

The most recent data from June reflects more typical levels on par with a normal summer season, erasing losses logged in the spring months.

The lack of inventory is squeezing median sale price up 6% to $264,563 in the tri-county region.

“We continue to gain traction in home sales and selling prices while our inventory is low. The pressure on limited inventory is not a new element seen in our market and is one we continue to monitor closely,” Cape Fear REALTORS® president Tony Harrington said in a press release.

Reprinted from Port City Daily News Online

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