CHARLOTTE — For the second straight month, home sales across the 16-county region declined. According to Canopy Realtors Association, the region saw a 5.3% year-over-year decline this October.

Canopy reports sales in October were 14.5% higher in the region than in October 2019.

Sales figures reported by Canopy Realtors Association reflect single-family and condo/townhome transactions only, according to data from Canopy MLS.

Closed sales in Union County were down nearly 10% in October with a 9.6% year-over-year decrease. Year-to-date sales in the county are still up 6%, with 4,203 transactions compared to 3,966, during the same time a year ago, according to the report.

Across the 16-county region, pending sales activity increased 5.6% year-over-year with 5,319 homes under contract during October. Union County was listed with 416 pending sales in October, a 4.4 decrease compared to last October. Canopy reported new listings declined throughout the region and Union County was no exception with a 3.5% decrease compared to last October.

“We’re experiencing the usual seasonal cycles of slower market activity and growth in new inventory will remain gradual.” said David Kennedy, president of Canopy Realtor® Association/Canopy MLS in the release. “Buyer relief in the form of new inventory remains tethered to the interest rate environment, the impact of the end of mortgage forbearance, the effects of any infrastructure legislation, and builders navigating supply-chain issues as well as increased construction material costs.”

Year-over-year inventory of homes for sale in Union County dropped 31.1% in October. Canopy listed the county as having a 0.7 months supply of homes in October. This was down 36.4% compared to a year ago.

While inventory dropped, the average list price of a home in the county rose 19.7% in October compared to last year with the average list price at $469,814. The average number of days on the market until sale was listed at just 15 days in the county for October.

“The Charlotte region continues to be highly desirable, because of our overall low cost of living and steady job growth, which means buyers and the demand for homes will be steady, well into next year.” Kennedy said in the release. “As demand continues to outpace supply, buyers will unfortunately experience steady price increases, and this may hinder first-time buyers and workforce buyers, until the market is able to come back into balance.”