Canopy Realtor® Association Market Updates
Reprinted from November 2021 CRRA Monthly Indicators
The economy is improving, unemployment is falling, and the U.S. real estate market remains strong as we head into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as it was earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.
New Listings were up in the Charlotte region by 8.7 percent to 4,513. Pending Sales increased 11.9 percent to 4,751. Inventory shrank 37.9 percent to 3,639.
Prices moved higher as Median Sales Price was up 22.1 percent to $354,000. Months Supply of Homes for Sale was down 46.2 percent to 0.7., indicating that demand increased relative to supply.
The most recent data from the National Association of REALTORS® reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing double-digit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.
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