Housing market, economy are tale of two trends
Posted December 21, 2012
As Mr. Dickens once said, “It was the best of times it was the worst of times.” That statement is certainly apropos for today’s economic environment.
On one hand we have the uncertainty of the fiscal cliff debate, as well as the December reading from the University of Michigan’s Consumer Sentiment report which came in much lower than expected.
The reading dropped to 72.9 from the final November figure of 82.7 due to consumer concerns over “cliff uncertainty” and negotiations. Economists had forecast a reading of 74.7 for the month.
Two pieces of good news economic news were delivered here in North Carolina on Friday. The overall unemployment rate for the state dropped from 9.3 percent in October to 9.1 percent in November. The numbers are still much too high, but at least we are seeing movement in the right direction.
December Wake County Housing Permit data also came in significantly better than expected in year over year data. Here are a few highlights from the December report.
These are percentage improvements in year over year data as it relates to YTD permits.
- Apex improved 66 percent
- Raleigh improved 28 percent
- Holly Springs improved 46 percent
- Fuquay-Varina improved 58 percent
The Triangle housing market has improved significantly in 2012. We hope that our strong economic fundamentals and attractive interest rate market will continue to support Triangle housing in 2013.
The markets are truncated on Monday, with the stock market closing at 1 p.m. and the bond market closing at 2 p.m.
Happy Holidays everyone! Enjoy this precious time with family and friends!