Last month, the National Association of REALTORS Chief Economist Lawrence Yun, PhD presented his economic outlook for the year ahead with some interesting data points (for those of you who, like us, are interested in such things).

 

The available data shows that home prices surged, not only in the Triangle but also nationwide from around $300,000 in early 2021 to around $350,000 today. That is an increase of about 17%, which is about what we've seen around the Triangle this past year.

 

Most surviving economists also believe that interest rate hikes are on the horizon. That should be an additional push factor to bring home buyers into the market, where rising home prices plus rising interest rates combine to a FOMO (fear of missing out) effect.