Canopy Realtor® Association Market Updates
Reprinted from August 2021 CRRA Monthly Indicators
The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List.
New Listings were up in the Charlotte region by 5.3 percent to 5,996. Pending Sales increased 6.9 percent to 5,902. Inventory shrank 38.2 percent to 4,069.
Prices moved higher as Median Sales Price was up 14.3 percent to $331,575. Months Supply of Homes for Sale was down 46.7 percent to 0.8., indicating that demand increased relative to supply.
In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.
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