Homebuying in New Hanover County has become marginally easier, but significant challenges persist, according to the latest Home Buyers Index from NBC News.
- The county’s difficulty index dipped to 86.9 in May, down from an all-time high of 88.1 in April.
Not Enough: Despite the slight improvement, New Hanover County remains one of the most difficult places to buy a home in the country, ranking 11th, a slight relief from its 4th position in April. The marginal improvement reflects a modest easing across several factors influencing the housing market.
By the numbers:
- Competition Index: Dropped slightly by 0.8 points to 97.7 in May, still significantly above the national average of 70.4.
- Scarcity Index: Stands at 65.0, better than the national level of 82.6.
- Cost Index: Near national levels.
- Economic Instability: Remains elevated and is above the national level, contributing to the overall difficulty.
The big picture: The modest decrease in the difficulty index was driven by drops in all four categories that make up the index. However, competition remains the most pressing issue in southeastern North Carolina.
Between the lines:
- Competition: The slight drop in the competition index indicates that while there is some easing, however the market remains fiercely competitive. With a reading of 97.7, New Hanover County is one of the most competitive markets in the country.
- Inventory: The county’s best area was inventory, with a scarcity index of 65.0, significantly lower than the national average. This suggests that while there are more homes available compared to other regions, it is not enough to offset the high demand.
Tri-County Area: Looking at the overall cape fear region Brunswick County actually saw their difficulty index rise to 77.2, up from 74.7 as competition (95.6) is almost as tough as NHC.
- Pender County’s difficult index fell to 70.8 in May, down from 71.3 in April as competition is less severe (85.0) than the two other two counties.
The bottom line: While homebuying conditions in New Hanover County have improved slightly, the market remains one of the toughest in the nation. Buyers continue to face high competition and economic instability, making the path to homeownership a challenging one.
