Charlotte Sees Inventory and Price Growth Despite U.S. Sales Dip

By Helen Adams Realty - August 19, 2024

Canopy Realtor® Association Market Updates

Reprinted from July 2024 CRRA Monthly Indicators

U.S. existing home sales fell 5.4% month-over-month in July and 5.4% year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.

New Listings were up in the Charlotte region by 19.3 percent to 5,063. Pending Sales increased 7.4 percent to 3,935. Inventory grew 48.6 percent to 8,486.

Median Sales Price was up 3.0 percent to $401,750. Months Supply of Homes for Sale was up 56.3 percent to 2.5., indicating that supply increased relative to demand.

Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves. According to NAR, the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an all-time high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply at the current sales pace.

A Closer Look