Canopy Realtor® Association Market Updates
Reprinted from March 2023 CRRA Monthly Indicators
Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring, increasing for the third consecutive month, according to NAR.
New Listings were down in the Charlotte region by 9.2 percent to 4,824. Pending Sales decreased 5.9 percent to 4,407. Inventory grew 61.7 percent to 4,835.
Prices moved lower as Median Sales Price was down 0.4 percent to $368,500. Months Supply of Homes for Sale was up 116.7 percent to 1.3 months, indicating that supply increased relative to demand.
Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there was just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed partly because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases.
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