October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.
New Listings were up in the Charlotte region by 6.6 percent to 5,533. Pending Sales increased 20.2 percent to 5,182. Inventory shrank 47.6 percent to 5,405.
Prices moved higher as Median Sales Price was up 14.1 percent to $289,900. Months Supply of Homes for Sale was down 50.0 percent to 1.2., indicating that demand increased relative to supply.
Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.