Lawrence Yun, Chief Economist for the National Association of Realtors, spoke Wednesday to the Charlotte Regional Realtor Association. In his presentation he said the Charlotte area will continue to have a shortage of homes for sale this year and into the next; a trend that is expected nationwide. There is a 13-year low in housing inventory nationally and a 50-year low for new home inventory.
Charlotte home prices have risen about 10 percent from the bottom. A Wall Street Journal panel predicts a 5 percent home price increase in 2014, Yun said.
Yun predicts that mortgage rates could rise to 5.5 percent by fall of 2014. Cash transactions are one-third of all transactions nationwide.
Yun also predicted four of the next five years to be improving markets.
Overall, his forecast for the Charlotte real estate market is promising.