Canopy Realtor® Association Market Updates
Reprinted from July 2022 CRRA Monthly Indicators.
The U.S. housing market has continued to cool, as rising mortgage rates and record high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.
New Listings were down in the Charlotte region by 6.0 percent to 5,992. Pending Sales decreased 14.6 percent to 4,478. Inventory grew 23.9 percent to 6,637.
Prices moved higher as Median Sales Price was up 16.7 percent to $385,000. Months Supply of Homes for Sale was up 27.3 percent to 1.4., indicating that supply increased relative to demand.
At a time of year when home buying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of the last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market for an average of 14 days.
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