The Mecklenburg Times February 8, 2022

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Your inside source for real estate, development and construction information serving the counties of Mecklenburg, Union & Iredell VOLUME 103 NUMBER 6 ■ MECKTIMES.COM

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TUESDAY, FEBRUARY 8, 2022 ■ $2.00

REALM recently completed a comprehensive membership Economic Forecast Survey for 2022. Page 2

Hourly Earnings Growth Ends the Year at a New High Page 3

New HomeJab Real Estate Photo Study Finds Sellers are Unprepared

December Housing Report: 2021 Homebuying Frenzy Concludes with Double-Digit Price Growth

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ENNICO: The New 1099 Requirement for Online Sales Page 5

NOVAK: All Suffer From Bad Hire

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Stocks waver on Wall Street following a dismal January Page 7

Colder weather may be settling in, but new housing data suggests the winter market is heating up, as looming mortgage rate hikes motivate more buyers to search for a home despite limited options. U.S. listing price growth renewed its momentum in December, with the annual pace returning to the double-digit territory seen throughout the past year’s ultra-competitive spring and summer seasons, according to the Realtor.com® Monthly Housing Report released today. “December data offers a fitting finish to the frenzy of the past year. Annual listing price growth hit double-digits again nationwide and in many of the hottest markets, after four months of single-digit pace this fall,” said Realtor.com® Chief Econo-

mist Danielle Hale. “Despite buyer challenges like rising prices, limited inventory and fast-paced sales, real estate activity maintained a brisk pace throughout 2021 as factors like low mortgage rates enabled home shoppers to persist. With rate hikes now on the horizon, buyers may be trying to get ahead of higher monthly housing costs, in turn driving up competition and prices. Our 2022 Forecast anticipates affordability challenges this year, but also that trends like rising incomes and workplace flexibility could offer some Americans a better shot at finding a home. For those who weren’t successful in 2021, we expect better luck in the coming months as more sellers plan to enter the market – and if December’s listings are an indica-

tion, with high asking prices in mind.”

Seller’s market gains fresh momentum as annual home price growth hits double-digits

The mismatch between demand and the limited for-sale home supply continues to be a major factor in rising home prices. Buyers remained active throughout 2021 despite months of yearly inventory declines, while home price growth moderated through November. December’s larger advance in the typical home asking price may be partly driven by increased competition as home shoppers attempt to get ahead of projected mortgage rate increases. Realtor.com® forecasts rising affordability challenges

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“Markets remain target fixated on the Biden stimulus and vaccine rollouts as the magic panacea for the world’s pandemic ills.” Jeffrey Halley, Oanda

Story, page 6


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The Mecklenburg Times February 8, 2022 by SC Biz News - Issuu