National news and local views for the week ending Friday, March 17, 2023

National Real Estate News

Silicon silver lining
“The collapse of two banks, a pseudo-bailout, and contagion fears at home and abroad might finally encourage the Fed to slow rate hikes down (or even pause!). We also got much “cooler” readings for February retail sales and wholesale price growth. In response, avg. 30-yr mortgage rates dropped nearly half a percent to 6.55%.”

Competition is back
“Despite mortgage rates rising more than 1% in February, the MBS Highway Housing Survey for March showed resilient buyer activity and a resurgence of buyer competition. Nearly 1/3 of respondents indicated that homes were now ‘selling quickly, with multiple offers’. That same figure was just 4% in January 2023!”

Undisputed champion
“Since 1941, national home prices have risen in 73 of the years, fallen in 7 of the years, and been flat once. Would you bet against a fighter with that kind of record? Owning a home is the undisputed champion of long-term wealth creation.”

Local Market Trends As of Friday, March 17, 2023

Area                    Median Price             Active Listings          New Listings – 5 days     Median Days

 

Fayetteville          $552,300                            155                                    7                                     48

 

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