Canopy Realtor® Association Market Updates
Reprinted from March 2022 CRRA Monthly Indicators
Nationally, existing home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.1% as of the last measure, according to the National Association of REALTORS®. Builders are working hard to ramp up production—the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago—but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.
New Listings were down in the Charlotte region by 8.1 percent to 5,253. Pending Sales decreased 9.6 percent to 4,946. Inventory shrank 38.8 percent to 2,455.
Prices moved higher as Median Sales Price was up 20.4 percent to $369,236. Months Supply of Homes for Sale was down 37.5 percent to 0.5., indicating that demand increased relative to supply.
Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at a near-record low.
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
For more information, if you have questions, or if you would like real-time market information, please don't hesitate to reach out!