Real Estate Bubble in ENC
New Bern, NC – Houses and condos are being built at almost an alarming speed throughout Eastern North Carolina, particularly in coastal towns and waterfront communities from Pine Knoll Shores and Pamlico County to small towns down east like Sea Level and Marshalburg. The town of New Bern serves as the poster child for a successful real estate market. I recently spoke with Mary Hall and Susan Venters, two realtors who serve New Bern and surrounding towns and are members of the Neuse River Region Association of Realtors.
I spoke with Mary Hall and Susan Venters, realtors who serve New Bern and surrounding communities. Although it's save to say that figures regarding the real estate market in New Bern offer a good snapshot of what's happening in most of Eastern North Carolina. However national averages are a bit different. According to the National Association of Realtors, the median existing home-price is projected to increase to 5.8 percent this year to $220,300. The median new-home price is expected to increase 5.4 percent to $250,200 this year. Existing home-sales are projected to fall 5.7 percent after record numbers last year. At the same time, new-home sales are forecast to decline 7.7 percent, which were also at record numbers last year. The 30-year fixed-rate mortgage is expected to increase gradually to 6.9 percent in the fourth quarter. For Public Radio East I'm Megen George.