In a surpising turn of events last year, the average 30-year mortgage rate jumped from 3.22% in January to a 20-year record high of 7.08% at the end of October 2022. This development led Zillow's team of experts to repeatedly revise their 12-month home price projections in a downward trajectory.

This spring season, there has been yet another turnaround in the real estate market. With mortgage rates stabilizing at approximately 6.5%, home price correction has begun to lose momentum. Zillow economists now expect U.S. home values to rise 1.7% between March 2023 and March 2024.

The Southeast is set to experience the largest yearly gains. Of the 400 housing markets tracked by Zillow, Knoxville (TN), Savannah (GA), Winston-Salem (NC), Johnson City (TN), and Wilmington (NC) should see the biggest home price upticks. For Winston-Salem, Zillow’s forecast expects an annual growth of 4.4%. 

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Is there anything that The Sharpe Mortgage Team can do for you this week? If you’re interested in purchasing a home or refinancing your current home in Winston-Salem or the surrounding areas, give us a call! We can talk about your financial goals and discuss a loan program that might be right for you.

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