Charlotte-area home closings surged in May, jumping 30.6 percent from the same month last year in another positive sign for home sellers.
The Charlotte Regional Realtor Association said Friday that closed sales totaled 3,402 in May, up from 2,605 in May 2012. Properties averaged 138 days on the market a decrease of 11 days compared with May 2012.
New residential listings jumped 12.9 percent to 5,111, while inventory declined 27.5 percent compared with May 2012 leaving the region with a five-month supply of homes for sale. A six-month supply of available homes is considered a healthy balance.
With new listings up for a second month, its reassuring to see sellers gaining confidence and listing their homes again, Eric Locher, president of the Charlotte Regional Realtor Association, said in a statement.
And even though inventory is down, it did not decrease at the level of last month, which is why months of supply has edged up a bit.
The report said median and average home sales prices were also on the rise, marking the 18th consecutive month of price gains across the region.
The median sales price was $173,000, up 4.8 percent from the year-ago median price of $165,000.
The average sales price also grew in May to $232,564. Thats 7 percent higher than the $217,442 average price in May of last year.
The report from Charlotte Regional Realtor Association is the latest in a series of reports that show home prices are on the rise:
• The latest price index from Standard & Poors/Case-Shiller released May 28 said Charlotte-area home prices jumped 7 percent in March from a year ago. Charlotte has recorded year-over-year price gains in the index every month since March 2012.
• CoreLogic, an Irvine, Calif.-based company that provides monthly reports on housing prices, said Tuesday that Charlotte-area home prices increased 9.2 percent in April compared with the same month last year.
The report also revealed foreclosures and short sales have dropped since May 2012 yet still accounted for 8.1 percent of new listings and 10.5 percent of all closed sales in May.
McCabe: 704-358-5197; Twitter: mccabe_caitlin
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