Canopy Realtor® Association Market Updates
Reprinted from July 2021 CRRA Monthly Indicators
The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction.
New Listings were up in the Charlotte region by 5.2 percent to 6,282. Pending Sales increased 1.0 percent to 5,522. Inventory shrank 42.2 percent to 4,073.
Prices moved higher as Median Sales Price was up 16.1 percent to $331,000. Months Supply of Homes for Sale was down 50.0 percent to 0.8, indicating that demand increased relative to supply.
The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers listed their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.
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