RALEIGH, N.C. (WNCN) — Some analysts believe we’re entering a national housing recession, which could affect how much you’re paying for your next home.
The National Association of Home Builders market index says the housing market is in a recession after rising mortgage rates and dropping sales this year.
Duke economics professor Dr. Connel Fullenkamp is slow to call it a true recession and believes prices are coming closer to what we’re used to.
“We had two successive years of you know, double digit gains like in the low teens, which is just astounding for the housing market. It’s kind of natural for prices to recover by falling a little bit,” Fullenkamp said.
Here in the Triangle, those expectations are a little different. Fullenkamp predicts prices will probably still go up, but not by as much.
“I really think that the robustness of the local economy in the Triangle is going to keep housing prices fairly solid even though we do see some softness,” Fullenkamp said.
Changes in the housing market could affect other areas of the economy, including how much you’re paying for furniture, appliances and other items for your home.
Eric J. Daza and Mandie Selin live in the San Francisco area but they’re looking for houses ahead of their move back to North Carolina. They tell CBS 17 no matter what the housing prices look like here, it’s better than what they’re seeing in the Bay Area so they’re glad to make the move.
“We could really afford what we want in North Carolina. At least it feels possible,” Selin said.
If you’re thinking about renting instead of buying, the site “Apartment List” shows prices in Raleigh have slowly dropped over the last few months.