Hatteras Island Real Estate: Perplexing market data
By TOM HRANICKA
One bright spot in the statistical reports is that building permits have finally started to recover, increasing 75 percent over the level recorded through September 2015.
I have been scratching my head trying to figure out what is underlying these bewildering patterns. A few years ago, I would have focused on delays in approving the construction of the new bridge over Oregon Inlet and other issues affecting access to the island via Highway 12. However, that no longer seems to be a reasonable culprit since everyone can see visible progress on both the Bonner Bridge replacement project and the new bridge over the Pea Island Inlet. In addition, there appears to be progress on the proposed “jug handle” bridge around the S-curves in Rodanthe.
After considerable thought and more than a few sleepless hours, I am leaning toward focusing on much broader national trends that may be influencing our local real estate market.
The following table shows the annual growth rate in the United States economy for the past 10 years adjusted for inflation and statistics for household income.
