Canopy Realtor® Association Market Updates
Reprinted from October 2021 CRRA Monthly Indicators
The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single-family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.
New Listings were down in the Charlotte region by 5.0 percent to 5,368. Pending Sales increased 5.6 percent to 5,319. Inventory shrank 37.3 percent to 4,067.
Prices moved higher as Median Sales Price was up 15.5 percent to $335,000. Months Supply of Homes for Sale was down 42.9 percent to 0.8., indicating that demand increased relative to supply.
As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.
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