Residential real estate is experiencing its best year since the recession. Housing demand is healthy, and that is expected to continue until the end of the year.
Home sales are actually set to have their best national showing since 2006. More of the same is anticipated in 2016, but inventory and affordability challenges coupled with mortgage rate increases will likely keep any sort of monster growth in check. This should be a good thing for keeping home prices from increasing too rapidly to maintain economic stability.
New Listings in the Charlotte region decreased 4.7 percent to 3,042. Pending Sales were up 18.1 percent to 3,000. Inventory levels fell 22.5 percent to 11,666 units.
Prices continued to gain traction. The Median Sales Price increased 9.4 percent to $197,000. List to Close was down 7.3 percent to 115 days. Sellers were encouraged as Months Supply of Homes for Sale was down 34.0 percent to 3.3 months.
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association