Canopy Realtor® Association Market Updates
Reprinted from May 2021 CRRA Monthly Indicators
As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result.
New Listings were up in the Charlotte region by 8.5 percent to 5,690. Pending Sales increased 1.7 percent to 5,606. Inventory shrank 62.0 percent to 3,104.
Prices moved higher as Median Sales Price was up 21.8 percent to $323,000. Months Supply of Homes for Sale was down 68.4 percent to 0.6., indicating that demand increased relative to supply.
With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.
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