The year-end numbers are out. Overall, sales were down 6.7% and average prices were up 4%. A 6.7% decline is trending in the right direction. Over the last two years, sales were down 30% and 12%, respectively. Being down only 6.7% is, as I said, trending in the right direction.
In Chapel Hill, sales were up 2.7% and average prices were up 3.8%.
In Durham, sales were down 7.6% and average prices were flat.
The bright spot is interest rates — they are still at historic lows.
- 30-year fixed: 4.625%
- 15-year fixed: 3.75%
- 3/1 Arm: 2.75%
- 5/1 Arm: 2.875
Inventory is on the rise and with rates still as low as they are, it is still a great time to buy.