CHARLOTTE — Canopy Realtor Association announced on Tuesday (Aug. 17) home sales across the Charlotte Metro region were 10.5% less than a year ago.
According to the association, which provides monthly reports on residential real estate market activity, 5,189 homes were sold in the 16-county area compared to 5,796 last July. The 16-county Charlotte Metro region includes: Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanly and Union counties in North Carolina; and Chester, Chesterfield, Lancaster and York counties in South Carolina.
Canopy reports July 2020 is the first month to show positive year-over-year sales following COVID-19 related closures. Closed sales were also reported down by 5.7% in the region during July when compared to June 2021.
“Even though sales slowed this past July, it’s still too early to say whether Charlotte’s housing market is experiencing a shift,” Canopy MLS President David Kennedy said in the statement. “One month of sales activity doesn’t necessarily show a trend. The pandemic and resulting lockdowns during the crucial spring market last year brought sales transactions to a near stand-still until the end of May and pushed buyer and seller activity into summer, resulting in July being a peak month of sales activity last year.”
Pending sales, a metric which can indicate buyer demand, increased by 1% for the region in July when compared to July 2020. Canopy data shows pending contract activity year-to-date has increased by 10.6% when compared to the first seven months of 2020.
During the month of July, 6,282 homes were listed for sale in the Charlotte region, an increase of 5.2% compared to this same time last year. Too, new listing activity was reported as being up 2.2% compared to June 2021.
In July, inventory of homes for sale dropped 42.2% compared to this time last year. The 4,073 homes for sale at represents 0.8 months or roughly 24 days of supply.
“Though inventory continues to be a challenge, the small, steady improvement we’re seeing in new listing activity will be of some help to buyers that are still looking for homes, while low mortgage rates can help off-set costs,” Kennedy said in the release.
Home prices continued to increase in July as the median sales price of $331,000 and the average sales price of $400,026 both jumped 16.1% compared to last year. The average list price of homes also increased 8.6% year-over-year to $396,835.
National Association of Realtors chief economist Lawrence Yun noted in the release there was not a danger of a decline in home prices due to inventory conditions; however, the economist said he expected prices to “appreciate at a slower pace by the end of the year.”