Canopy Realtor® Association Market Updates
Reprinted from March 2024 CRRA Monthly Indicators
U.S. existing-home sales improved in March for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR). The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.
New Listings were down in the Charlotte region by 2.4% to 4,805. Pending Sales decreased 0.3% to 4,196. Inventory grew 9.6% to 5,865.
Prices moved higher as the Median Sales Price was up 4.5% to $385,000. Months Supply of Homes for Sale was up 21.4% to 1.7, indicating that supply increased relative to demand. The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide.
According to NAR, total inventory grew 5.9% month-over-month and 10.3% year-over-year to 1.07 million units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains robust. The limited supply of inventory helped push the median existing-home sales price up 5.7% year-over-year to $384,500 - marking the eighth consecutive month of annual price increases.
A Closer Look
Monthly Average 30-Year Fixed-Rate Mortgage Rates
Residential Closings & Average Sales Price for the entire CMLS Area
A Look at Charlotte's Overall Real Estate Market