Canopy Realtor® Association Market Updates
Reprinted from June 2024 CRRA Monthly Indicators
U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
New Listings were up in the Charlotte region by 11.8% to 5,271. Pending Sales increased 7.6%to 4,127. Inventory grew 39.7% to 7,968. Prices moved higher as Median Sales Price was up 5.4%to $409,225. Months Supply of Homes for Sale was up 43.8% to 2.3, indicating that supply increased relative to demand.
Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.
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