Canopy Realtor® Association Market Updates
Reprinted from October 2023 CRRA Monthly Indicators
U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.
New Listings were down in the Charlotte region by 2.6 percent to 4,124. Pending Sales increased 3.0 percent to 3,207. Inventory shrank 19.5 percent to 6,322.
Prices were stable as Median Sales Price remained flat at $380,000. Months Supply of Homes for Sale was down 5.3 percent to 1.8 months, indicating that demand increased relative to supply.
Total housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide, with the median existing-home sales price rising 2.8% annually to $394,300, the third consecutive month of year-over-year 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