Canopy Realtor® Association Market Updates
Reprinted from October 2024 CRRA Monthly Indicators
U.S. existing-home sales unexpectedly slipped 1.0% month-over-month in October and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.
Nationally, there were 1.39 million homes for sale heading into October. This marks a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3-month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago.
In the Charlotte Metro region, New Listings were up by 7.2% to 4,481 while Pending Sales increased 23.6% to 3,722. Inventory grew 33.6% to 9,289.
Prices moved higher in the region as Median Sales Price was up 3.9% to $395,000. Months Supply of Homes for Sale was up 35% to 2.7, indicating that supply increased relative to demand.
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