Canopy Realtor® Association Market Updates
Reprinted from February 2024 CRRA Monthly Indicators
U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.
New Listings were up in the Charlotte region by 19.7% to 4,180. Pending Sales increased 4.6% to 3,805. Inventory grew 7.3% to 5,628.
Prices moved higher as the Median Sales Price was up 8.5% to $385,000. Months Supply of Homes for Sale was up 14.3% to 1.6., indicating that supply increased relative to demand.
Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace (NAR). Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand continues to exceed supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.
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