Canopy Realtor® Association Market Updates
Reprinted from May 2023 CRRA Monthly Indicators
Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability. Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% year-over-year. With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year-over-year nationally, although more affordable markets continue to see price gains.
New Listings were down in the Charlotte region by 25.4 percent to 4,568. Pending Sales decreased 13.1 percent to 4,329. Inventory grew 6.7 percent to 4,667.
Prices moved lower as Median Sales Price was down 2.0 percent to $385,000. Months Supply of Homes for Sale was up 44.4 percent to 1.3 months, indicating that supply increased relative to demand.
While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR.
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