Canopy Realtor® Association Market Updates
Reprinted from November 2023 CRRA Monthly Indicators
Low inventory, elevated sales prices, and decades-high interest rates continue to weigh on the housing market, causing sales of existing homes to fall to their slowest pace since August 2010. According to the National Association of REALTORS® (NAR), U.S. existing-home sales declined 4.1% month-over-month and 14.6% year-over-year as of last measure as prospective buyers, faced with rising homeownership costs, wait for mortgage rates, and home prices, to drop.
New Listings were up in the Charlotte region by 3.5 percent to 3,484. Pending Sales increased 3.9 percent to 2,765. Inventory shrank 14.8 percent to 6,526.
Prices moved lower as Median Sales Price was down 0.8 percent to $379,900. Months Supply of Homes for Sale remained flat at 1.9 months, indicating a stabilizing supply-demand balance.
Inventory remains at historically low levels nationwide, with only 1.15 million homes for sale heading into November. This is a 5.7% decline compared to the same time last year, for a 3.6 months’ supply at the current sales pace. The shortage of available properties for sale has kept pressure on home prices, which have continued to climb despite the slowdown in sales. According to NAR, the U.S. median existing-home sales price increased 3.4% from a year ago to $391,800, an all-time high for the month, with annual price gains reported in all four regions of the country.
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