Home sales were down more than 17% year-over-year in Raleigh, per RE/MAX’s February report.

Why it matters: In 2022, potential buyers were desperate for more inventory. Now, homes are hitting the market but people can’t afford them.

What's happening: Rates for a 30-year loan were at 6.09% in early February, and shot up to 6.65% by the end of the month, according to Freddie Mac.

By the numbers: Home sales have plummeted far less in the last year than the national average of 24%.

• The number of houses on the market here more than quadrupled, with 687 houses in February 2022 compared to nearly 3,000 last month.
• Home prices increased slightly in February 2023, with houses selling for a median of $410,000, up from almost $395,000 the same time last year.
• And the days a home was on the market increased by 60%. In February, it was 56 days, up from 35 last year.

Zoom out: Because there’s less competition right now, buyers don’t have to front as much cash as they did a year ago, Axios' Emily Peck reports.

Between the lines: Buyers who can afford these mortgage rates have more power.

• They have more options than a year ago, they can take their time searching and they can make offers that aren’t wildly above list price.

Yes, but: These rates make buying unaffordable for many.

What's next: Mortgage rates dropped nearly a quarter point this month, which means buyer activity will likely pick back up.

Share this story

President Biden came to Durham yesterday to tour Wolfspeed, an N.C. State-born semiconductor firm expanding its operations in North Carolina amid surging demand from electric vehicle makers for its chips.

Driving the news: The presidential visit is part of a tour meant to highlight manufacturing growth in the country and bills like the Chips and Science Act, which incentivize companies like Wolfspeed to build facilities in the U.S.

• Wolfspeed, founded as Cree in 1987, originally focused on LED lights — but in recent years has transitioned solely to making silicon carbide chips.

Why it matters: Wolfspeed is planning to build a $5 billion silicon carbide facility in Chatham County that could employ up to 1,800 workers.

• Neill Reynolds, the company's chief financial officer, said the CHIPS Act is an important part of the company's growth.
• Already, state and local governments will provide about $775 million in incentives if Wolfspeed meets hiring and investment goals.

What they're saying: Biden remarked he originally visited the company in 2010 to see its light bulbs.

• "Hell of a lot more than light bulbs now," he said.

Share this story

Related: Wolfspeed CEO explains $5 billion Chatham County expansion

🎰 North Carolina’s state House passed legislation Tuesday that would legalize mobile sports betting in the state. It will now move to the state Senate for a vote. (WRAL)

• Doing so could bring an estimated $28.6 million in revenue within the first 18 months of legalization — an amount critics say is hardly worth it for the damage it may bring.

🏀 UNC guard Caleb Love is transferring from the school — the sixth player to do so since the end of the season. (ESPN)

🏠 The family of a Raleigh police officer killed in the Hedingham mass shooting was gifted a mortgage-free home. (CBS17)

The massive Seaboard Station development along Peace Street in downtown Raleigh has signed some of its first tenants, its developer announced this past week.

What's coming: Seaboard will add three tenants in the coming months.

• Biscuit Belly, a Kentucky-based Southern food maker, plans to open in the fall.
• The Yard Milkshake Bar, which sells milkshakes with oversized toppings, is slated to open this summer.
• And the Eye Institute, an eye clinic which is already a tenant, is moving into a larger space at Seaboard Station this fall.

Details: Built by Hoffman & Associates, a Washington, D.C. developer that has taken heavy interest in downtown Raleigh, Seaboard Station could eventually reach one million square feet of built space.

• The first phase of the project — The Signal, a seven-story apartment building with nearly 300 units — began moving in residents earlier this year.
• The second phase, a Hyatt House hotel, is under construction. Once completed next year it will add 149 rooms and a rooftop bar called High Rail.

Share this story

💼 Check out the fresh open positions in the city.

1. Marketing Consultant at Sinclair Broadcast Group.
2. Chief Marketing Officer, Rapidscale at Cox Communications.
3. Executive Director of Engagement at NC State University.

Want more opportunities? Check out our Job Board.

Hiring? Post a job.

Axios Raleigh's first event is in the books, and we're feeling extra grateful that you continue to choose to spend your mornings with us.

We finally got to meet some of our readers last night at Trophy Brewing's new Maywood Hall & Garden event space while drinking a Cloud Surfer IPA or Mort's Lager and snacking on pizza.

• And we got to hear from Trophy co-owner David Meeker and state Sen. Jay Chaudhuri, who graciously let Zach and Lucille pummel them with surprise questions.

Thanks so much to those of you who joined us last night. We can't wait to do it again soon.

• And thanks to Meeker and the rest of the Trophy crew for hosting and feeding us!