Michelle Weeks IDC Global Agent

Michelle Weeks

NC & SC REALTOR®
DRE# 288804 / 96899
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Existing Home Sales Slow to Decade-Low Pace

By Helen Adams Realty - December 12, 2023
Canopy Realtor® Association Market Updates Reprinted from November 2023 CRRA Monthly Indicators Low inventory, elevated sales prices, and decades-high interest rates continue to weigh on the housing market, causing sales of existing homes to fall to their slowest pace since August 2010. According to the National Association of REALTORS® (NAR), U.S. existing-home sales declined 4.1% mon
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IntroLend Monthly Mortgage Outlook | December 2023

By Thomas Baker, IntroLend Carolinas - December 07, 2023
  As we head into December, interest rates are at a four-month low, with the bond market (which is the driving factor behind rates) dropping upwards of 50 basis points in recent weeks. In the first week of December, markets are pricing in a 68% chance of us seeing a 100 basis point (or 1%) cut in rates by the Fed over the course of 2024. Fed Chair Powell continues to stress caution, reite
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Home Sales Drop to 13-Year Low While Prices Rise

By Helen Adams Realty - November 14, 2023
Canopy Realtor® Association Market Updates Reprinted from October 2023 CRRA Monthly Indicators U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable fo
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IntroLend Monthly Mortgage Outlook | November 2023

By Thomas Baker, IntroLend Carolinas - November 10, 2023
  As we enter November, interest rates are the lowest they have been in several weeks. For a while, buyers were flirting with 8% in many scenarios, but at least for the time being, most lenders are almost a half percent lower as we begin the month. October saw the bond market hit 5.00% for the first time in 16 years. The upward trend of the 10-year Treasury, which drives mortgage interest
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IntroLend Monthly Mortgage Outlook | October 2023

By Thomas Baker, IntroLend Carolinas - October 12, 2023
  Inflation has proven to be more persistent than expected going into October. Paired with jobs data numbers being double the projections, both factors don't bode well for interest rates. However, a shift in tone from Federal Reserve members suggesting a potential delay in further rate hikes through the year has allowed mortgage interest rates to soften slightly.  An added layer
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Low Inventory Continues Into Fall

By Helen Adams Realty - October 11, 2023
Canopy Realtor® Association Market Updates Reprinted from September 2023 CRRA Monthly Indicators National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remain
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Home Prices Remain High Amid Summer Heat

By Helen Adams Realty - September 11, 2023
Canopy Realtor® Association Market Updates Reprinted from August 2023 CRRA Monthly Indicators Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according
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IntroLend Monthly Mortgage Outlook | September 2023

By Thomas Baker, IntroLend Carolinas - September 08, 2023
  As many buyers know by now, rates have risen somewhat in the last month, approaching levels we haven’t seen since 2000. They have since leveled off some as we head into September. The Mortgage Bankers Association reported an increase of 2.3% in new mortgage applications in the final week of August.  Some may also be surprised to learn that refinances are up 3% during the same
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IntroLend Monthly Mortgage Update | August 2023

By Thomas Baker, IntroLend Carolinas - August 14, 2023
  As we enter the third week of August, the markets continue to display a degree of volatility. We saw some initial improvement after the Fed’s last 0.25% rate hike announcement, but in recent weeks the bond market has not performed well.    Projections from various members of the Federal Reserve diverge, with some forecasting additional rate hikes in the remaining months
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Mortgage Rates Continue to Impact Summer Market

By Helen Adams Realty - August 14, 2023
Canopy Realtor® Association Market Updates Reprinted from July 2023 CRRA Monthly Indicators Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many
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IntroLend Monthly Mortgage Update | July 2023

By Thomas Baker, IntroLend Carolinas - July 12, 2023
  Over the past few weeks, we’ve seen an uptick in mortgage rates. The Federal Reserve has continued to echo a willingness to raise rates again before the end of the year. This increase will come as inflation continues to show a stubborn immunity to higher rates. The Fed has been consistent in its messaging, however, the market, namely investors, has mostly disregarded these stateme
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Housing Demand Continues to Outpace Supply

By Helen Adams Realty - July 11, 2023
Canopy Realtor® Association Market Updates Reprinted from June 2023 CRRA Monthly Indicators Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Ass
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