In Charlotte, we are seeing multiple offers in ALL price points. The lack of supply is driving the prices. However, I am starting to see more For Sale signs up. The market may become more balanced. I still think this is just a spike in the market and the economy will drag housing back down. I have stated that prices would rise dramatically and not gradually due to positive economic activity. After all, new housing starts have been down about 70% each of the past 4 years. This lack of supply is causing the immediate spike in prices. It is NOT demand that is driving prices but the lack of supply.
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