Canopy Realtor® Association Market Updates
Reprinted from February 2023 CRRA Monthly Indicators
In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50% - 4.75%, its 8th rate hike since March of last year, when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of last measure, but affordability constraints continue to limit homebuyer activity overall, with existing-home sales declining for the twelfth consecutive month, according to the National Association of REALTORS® (NAR).
New Listings were down in the Charlotte region by 18.3 percent to 3,417. Pending Sales decreased 8.3 percent to 3,851. Inventory grew 70.5 percent to 4,717.
Prices moved lower as Median Sales Price was down 1.9 percent to $353,550. Months Supply of Homes for Sale was up 100.0 percent to 1.2., indicating that supply increased relative to demand.
With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter. The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into spring.
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