Canopy Realtor® Association Market Updates
Reprinted from December 2024 CRRA Monthly Indicators
U.S. existing-home sales improved for the second consecutive month in January, rising 4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, according to the National Association of REALTORS® (NAR). Sales were up 6.1% compared to the same time last year, marking the largest year-over-year increase since June 2021. Economists had forecast existing-home sales would come in at an annual rate of 4.07 million units for the month.
Locally, New Listings were up in the Charlotte region by 1.5% to 2,651. Pending Sales increased 11.8% to 2,631. Inventory grew 24.7% to 8,111. Prices moved higher as Median Sales Price was up 4.1% to $385,000. Months Supply of Homes for Sale was up 21.1% to 2.3, indicating that supply increased relative to demand. Total housing inventory stood at 1.33 million units heading into December, a 2.9% decrease from the previous month but a 17.7% increase year-over-year, for a 3.8- month supply at the current sales pace.
Inventory remains below the 5 – 6 months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide, with NAR reporting a median existing home price of $406,100, a 4.7% increase from one year earlier.
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