The part they didn’t mention is that prices skyrocketed. In the Charlotte area they increased 66% in two years.
Then interest rates increased from 1% to 7%.
So the same house that would’ve been roughly $300K two years ago is now on the market for about $475K and factoring in interest rates, if you put down 20%, your monthly note on a 30 year mortgage went from about $1500/month to about $3000/month.
A lot of people cannot afford a massive price hike like that. A lot of people who can afford it refuse to pay it because they know its massively overvalued. Until a lot of that massive price increase is given back, sales are going to be abysmal.
We’re In South Charlotte. Homes in our neighborhood are still generally selling in just a few days...and above asking price. Not all, but most. We’re unloading our house soon. Oooo...take the money and run.