Canopy Realtor® Association Market Updates
Reprinted from September 2024 CRRA Monthly Indicators
U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year in September to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure. That's a 3.1% increase from the same time last year and a new high for the month.
New Listings were up in the Charlotte region by 7.5% to 4,688. Pending Sales increased 14.4% to 3,552. Inventory grew 42.0% to 9,454. Prices moved higher as Median Sales Price was up 3.9% to $395,000. Months Supply of Homes for Sale was up 42.1% to 2.7, indicating that supply increased relative to demand. Amid slower home sales, inventory has continued to grow across the country.
According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.
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